SJVN zooms 16% as board considers share buyback

NEW DELHI: Shares of state-run SJVN rose nearly 16 per cent in Thursday's trade after the company said its board will consider a share buyback proposal on January 8.

In a filing to BSE, the company said, "In pursuance of the Internal code of conduct for prevention of insider trading in dealing with securities of SJVN, the trading window shall remain closed from January 3 to January 10 (both days inclusive), in connection with the scheduled meeting."

The announcement was made after market hours on Wednesday, 3 January 2018. The stock rose 15.65 per cent to hit a high of Rs 39.90 on BSE. It finallt settled 11.88 per cent up at Rs 38.60 on Thursday.


More than usual volumes were seen on the counter. On the BSE, 13.85 lakh SJVN shares got traded in the counter so far, compared with average daily volumes of 1.54 lakh shares in the past two weeks. The stock had hit a high of Rs 39.90 in intraday trade, which is also a record high for the stock.

The stock had hit a low of Rs 37.75 so far during the day. The stock had hit a 52-week low of Rs 30 on 22 August 2017.

The company reported a 16.7 per cent YoY fall in net profit at Rs 434.89 crore for the September quarter. Sales for the quarter declined 14.3 per cent to Rs 727.26 crore during the quarter.