Financial Daily
from THE HINDU group of publications
Tuesday, May 01, 2001
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Financial Daily from THE HINDU group of publications Tuesday, May 01, 2001 |
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Raymond: Buyback over and done with
INDICATIONS that Raymond has completed its stock buy-back programme may do no good for the stock price in the near term. It effectively removes the company as a buyer of its stock for some time to come.
The company has bought back 1.37 million equity at Rs 186.25 crore at an average price of around Rs 136 per share. It has discontinued buyback of shares from April 30 as the target amount fixed for buyback has been exhausted. The buyback has been complet
ed well ahead of the year-long time frame the company had given itself. The buyback has been completed at a price that is substantially lower the upper limit price of Rs 160 the company had indicated. To the extent of the lower price and the reduction in
equity, the completion of the programme prime facie ought to augur well for staying shareholders. But a long would hinge on the financial performance of the company. -- BL Research Bureau
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