return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. Stocks
    /
  5. AIA Engineering to consider share buyback on August 7; stock up 7%

Market News

AIA Engineering to consider share buyback on August 7; stock up 7%

Upstox
By Upstox News Desk

2 min read | Updated on July 29, 2024, 14:37 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

AIA Engineering stock hit a 52-week high after the company said the board meeting to consider a proposal for a buy-back of shares will be held on August 7. If approved, it will be the first-ever buyback from the company.

Stock list

AIAENG
--
AIA Engineering to consider share buyback on August 7; stock up 7%

AIA Engineering to consider share buyback on August 7; stock up 7%

AIA Engineering shares jumped 7% to ₹4,690, making a fresh 52-week high on July 29 after the company informed bourses that the board meeting to consider a proposal for a buy-back of shares will be held on August 7, 2024. If approved, it will be the first-ever buyback from the company.

Buybacks have been in the news since Finance Minister Nirmala Sitharaman while presenting the Budget 2024 announced that earnings from the buyback of shares would be charged to the recipient investor as a dividend.

The term "buyback" refers to a process by which a business repurchases its own stock from existing shareholders. This helps in reducing liquidity in the market.

In Q4FY24, the company reported a 9.68% year-on-year fall in sales to ₹1130.96 crore and a 2.85% dip in net profit at ₹260.54 crore. Sequentially, revenue slipped by 1.62% and the PAT dropped by 6.82%. Further, the company recommended a dividend of ₹16 per share of face value of ₹2 each fully paid up for the FY24.

The company manufactures high chromium wear, corrosion and abrasion-resistant parts which are utilised by the cement, mining and thermal power generation enterprises.

The stock touched a 52-week low of ₹3,327.8 on August 1, 2023. The company’s market capitalisation, at current market price of ₹4,553.3 per share, stands at ₹42,947 crore.AIA Engineering shares have gained over 30% in the last one year. Benchmark indices NSE Nifty 50 and BSE Sensex also made fresh all-time highs on Monday.

Uplearn

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story