Textile stock engaged in the manufacturing of drum closures, tubes and scaffolding systems, cotton yarn, knitted and crocheted cotton fabrics and many more jumped 12 percent following Buyback of equity shares at a 30 percent premium from its current price.
Price Action
With a market capitalization of Rs. 7,925 Crores, the shares of Technocraft Industries Limited were trading at Rs. 3,452 per equity share, up 6 percent from its previous day’s close price of Rs. 3,266.80.
About the Company
Technocraft Industries Limited is a multi-product manufacturing company engaged in the manufacturing of drum closures, tubes and scaffolding systems, cotton yarn, knitted and crocheted cotton fabrics, and Engineering Services.
Buyback of Equity shares
The Board of Directors of Technocraft Industries Limited has considered and approved the proposal for the Buyback of equity shares of the company not exceeding 2,88,889 shares at Rs. 4,500 per equity share which is a 30 percent premium from its current market value, for an aggregate amount not exceeding Rs. 130 Crores.
August 27, 2024, has been fixed as the record date for the purpose of determining the entitlement and the names of equity shareholders who would be eligible to participate in the buyback
Also read
Q1FY25 Results
Its Revenue from operations grew by 11 percent YoY from Rs. 556.51 Crores in Q1FY24 to Rs. 620.4 Crores in Q1FY25 and it grew by 5 percent QoQ from Rs. 592.54 Crores in Q4FY24 to Rs. 620.4 Crores in Q1FY25.
Its Net Profit declined by 7 percent YoY from Rs. 90.63 Crores in Q1FY24 to Rs. 83.89 Crores in Q1FY25 and grew by 46 percent QoQ from Rs. 57.36 Crores in Q4FY24 to Rs. 83.89 Crores in Q1FY25. Its Net Profit Margin decreased from 15.87 percent in Q1FY24 to 12.89 percent in Q1FY25.
Written by: Bharath K.S
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