India's Sharda Motor hits record high on buyback plan

Sharda Motor Industries

10/06/2024 08:23

** Shares of auto parts maker Sharda Motor Industries  SHAD.NS 
up ~5% to a record high of 1,679.25 rupees 
    ** Co on Friday said it plans to buy back up to 1.03 mln
shares for an aggregate amount not exceeding 1.85 bln rupees
($22.2 mln)
    ** Buyback to open on June 11 at a price of 1,800/share,
12.5% above stock's last close
    ** Trading vol at ~90,000 shares, compared to 30-day avg of
~65,000
    ** Including session's gains, stock up ~29% YTD

($1 = 83.4824 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))