India's Symphony surges on rise in Q3 profit, share buyback

Symphony

08/02/2023 09:10

** Shares of Symphony  SYMP.NS  rise as much as 16.7% to
1,126.60 rupees, highest in nearly nine months
    ** Air cooler maker reports nearly 2x jump in Q3 net profit
to 390 million rupees
    ** Core profit jumps almost 50% to 440 mln rupees; margin
expands to 15.88%
    ** Co approves buyback offer of shares worth 2 bln rupees at
2,000 rupees per share
    ** Co says offer represents premium of 109% over closing
price on Feb 1
    ** Trading volume of 645,000 shares as of 2:15 p.m. IST,
more than 20 times the 30-day avg of 31,300 shares
    ** Of seven analysts tracking stock, 6 rate it 'buy' or
'strong buy', 1 'sell;' median TP is 1,194 rupees - Refinitiv
data
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))