Shares of Dhanuka Agritech surged to a 52-week high of Rs 849, up 4% in early morning trade, on the BSE on Monday after the company said its board will consider share buyback proposal on Wednesday, July 22, 2020.
The board of directors of the Company was scheduled to meet on July 22, 2020, to consider and approve Un-audited financial results of the Company for the quarter ended June 30, 2020.
The company has now informed the BSE that the board of directors, in the meeting scheduled to be held on July 22, 2020, would also consider and evaluate the proposal for buyback of its fully paid up equity shares of the Company and other related matters.
As on June 2020, promoters held 75% stake in Dhanuka Agritech. Out of 25% public shareholding, mutual funds held 12.83% holding, followed by individual shareholders (8.57%) and overseas corporate bodies (1.41%).
In the past three months, the stock of Dhanuka Agritech has outperformed the market by surging around 88%, as compared to 18% rise in the S&P BSE Sensex.
For January-March quarter (Q4FY20), the company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose 38.6% year-on-year to Rs 45.78 crore from Rs 33.03 crore in the previous year quarter. EBITDA margin improved 297 basis points (bps) to 20.11% from 17.14% during the quarter.
With this year’s favorable monsoon forecast, coupled with a slew of initiatives announced by the government, the management is hopeful of much positive performance in the fiscal year 2020-21
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