Nectar Lifesciences Stock Surge: On Thursday, the fourth trading session in the Indian stock market, there was a huge jump in the shares of a small cap company Nectar Lifesciences Limited. The share price suddenly jumped 18 percent. However, for the last one year there was a continuous decline in the company’s shares.
According to the data, from September last year till now the company shares had fallen by about 75 percent. A decision of the company’s board could be the reason behind this sudden rise. Let us know the condition of the company in the stock market…
Status of company shares in stock market
On Thursday, December 4, the fourth trading day of the week, the company’s shares ended the trading day on BSE with a rise of 16.85 percent or Rs 3.02. The high level of company shares during the day’s trading was Rs 21.19.
If we talk about low level, it was Rs 19.76. During the 52-week high level, the company shares had touched the figure of Rs 44.90. At the same time, the company share had reached the 52-week low level of Rs 13.25.
Company board decision
A decision of the company’s board could be the reason behind this sudden rise in the company’s shares. Nectar Lifesciences Limited plans to buy back 81 crore shares at the rate of Rs 27 per share. In which 3 crore fully paid up equity shares have been included.
The company has set December 24 as the record date for equity buyback. After this decision, the promoter’s stake in the company will increase and it will become 51.84 percent. At the same time, public share will reduce from 55.09 percent to 48.16 percent.
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