India's Emami jumps on share buyback plan

Emami

22/03/2023 06:04

** Shares of Emami Ltd  EMAM.NS  rise as much as 7.2% to
369.90 rupees
    ** Shares on track for best day since Nov. 29, if gains hold
    ** Fast-moving consumer goods co late on Tuesday said will
consider a proposal for buyback of fully paid-up equity shares
of the co on March 24 
    ** Stock, however, below its 50-,100-,200-day simple moving
average
    ** Stock on track to see its most active trading session
since Jan. 6, 2022
    ** More than 1.6 mln shares traded as of 11:24 a.m. IST, 5.8
times their 30-day moving avg
    ** 21 of 27 brokerages rate the stock "buy" or higher, 5
"hold" and 1 "sell" or lower; their median PT is 500 rupees-
Refinitiv data
    ** EMAM has fallen 14% so far this year, compared to Nifty
FMCG index's  .NIFTYFMCG  1.7% rise

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))