HT Media tanks on fixing share buyback price

HT Media has tanked 13% to Rs 97, falling over 16% from intra-day high, after its board approved buyback of company’s equity shares at a maximum price of Rs 110 per share.

The buyback price is 1.8% discount than its previous day’s close of Rs 112 on BSE.
“The board proposed to buyback equity shares up to an aggregate amount not exceeding Rs 25 crore, from the open market through stock exchanges,” HT Media said in a statement.
Meanwhile, HT Media, publishers of the Hindustan Times newspaper, has reported a robust 82% year-on-year (yoy) jump in net profit at Rs 40 crore for the quarter ended March 31, 2013 (Q4) due to lower raw material cost and other expenditure.
The board also recommended a dividend of 20% or Rs 0.40 per equity share of Rs 2 each for the financial year 2012-13.

The stock opened at Rs 113 and hit a high of Rs 116 on NSE. A combined 1.07 million shares changed hands on the counter so far on NSE and BSE.

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