Shares of Suprajit Engineering hit a record high of Rs 639.95, as they zoomed 19 per cent on the BSE in Friday’s intra-day trade amid heavy volumes after the company’s board announced a share buyback of up to 1.5 million shares at price of Rs 750 per share via tender offer. The board of directors determined the record date for the proposed buyback as August 27, 2024.
In the past one week, the stock has rallied 29 per cent. It has bounced back 61 per cent from its June low of Rs 398.10 on the BSE.
Suprajit in an exchange filing said, the board of directors at its meeting held on August 14, 2024, considered and approved the buyback of up to 1.5 million equity shares of the company representing up to 1.08 per cent of the total paid up equity shares of the company at a price of Rs 750 per share payable in cash for an aggregate amount of up to Rs 112.50 crore.
Suprajit is India’s largest automotive cable and halogen bulb maker with an annual global capacity of 400 million cables and 110 million halogen bulbs. Suprajit’s customers list includes a large number of global automotive majors.
Meanwhile, in June 2024 quarter (Q1FY25), Suprajit’s India business grew at 13 per cent, and consolidated revenue grew by 8.1 per cent. The standalone earnings before interest, tax, depreciation and amortization (EBITDA) grew by 9.5 per cent while consolidated EBITDA grew by 16.1 per cent.
The company said Suprajit Controls Division’s (SCD) order book continues to be strong in the automotive division, despite flat growth in the global automotive industry. SCD has started securing new non-automotive contracts for the coming years, continued negative growth in the non-automotive Industry, the company said.
First Published: Aug 16 2024 | 2:51 PM IST
