Financial Daily
from THE HINDU group of publications
Tuesday, September 19, 2000
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Financial Daily from THE HINDU group of publications Tuesday, September 19, 2000 |
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John Fowler: No perk in buyback
THE proposed terms of the buyback programme of John Fowler may not enthuse the market.
The company has proposed a buyback of 9.07 lakh shares which covers 25 per cent of its equity. The buyback price has been fixed at Rs 50 per share and it would be through the tender route from October 11. The stock price which was quoting around the Rs 2
0 mark doubled in July and now trades at slightly above the proposed price level. With the buyback price not carrying any notable premium element, the stock may show some weakness in the near term. Any buying linked to the buyback may be unwound to some
extent and this could lead to soft trends in the stock price. -- BL Research Bureau
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