Navneet Education to consider buy back of shares on August 1. Stocks trade up 5%

Book publishing small cap company Navneet Education today announced that its board of directors will consider a buyback of shares in the upcoming board meeting of the company, scheduled on August 1. The shares of the company surged 5% to Rs 163.20 on BSE following this announcement.

“The meeting of Board of Directors of the Company is scheduled to be held on Thursday, August 1, 2024, inter-alia, to consider a proposal for buyback of fully paid-up equity shares of the Company, in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, including matters related / incidental thereto,” said the company in a filing to the exchanges.

Other details pertaining to the matter will be informed by the company in due course of time.


Prior to this, the company has announced a buyback of shares 3 times in May 2021, August 2018 and November 2016, according to Trendlyne data.

Also read: AIA Engineering to consider share buyback. Shares surge 7%

The shares of the company have increased by 14% in the last one year while in the last 6 months, the stock has gained 12%. On a year-to-date basis, the shares of Navneet Education have increased by approximately 7%, as per the BSE analytics.

Established in 1959 by the Gala Group, the company has a market capitalization of Rs 3,691.80 crore (as of July 29 closing) and manufactures stationery, general books and children’s books in multiple Indian and foreign languages making it a dominant player in the field of publishing.

Vikas, Gala, Grafalco, YOUVA, TOPClass and TOPScorer are prominent brands owned by Navneet.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)