Symphony shares gain nearly 5% ahead of August 6 board meet to consider share buyback

The company informed the stock exchanges in a filing on Thursday that its board of directors will meet on August 6, 2024, to consider and approve the proposal for buyback of fully paid-up equity shares of ₹2 each of the company. Symphony, however, did not reveal the proposed share buyback size and price.

The board will also consider and approve a proposal for the first interim dividend on equity shares, if any, for the financial year 2024-25. It will also approve the Standalone and Consolidated Financial Results for the first quarter ended on June 30, 2024.

Symphony shares rallied up to 5% to hit an intraday high of ₹1,278.85 apiece in early trade on the NSE following the announcement. The company's shares are trading near the 52-week high levels. The stock hit a year-high level of ₹1,290 per share on June 14, 2024. Shares are trading around 55% higher than the 52-week lows of ₹820 hit on March 20, 2024.

Symphony, an Indian multinational company with a presence in over 60 countries, is one of the largest air cooler producers in the world. The company offers evaporative air coolers in India for household, commercial and industrial use.

Shares of Symphony Ltd closed 1.82% higher at ₹1,242 apiece on the NSE.