IndiaMart InterMesh board to consider share buyback proposal on July 20; stock jumps 5%

livemint.com:

share buyback proposal on July 20. “...the Board of Directors of IndiaMART InterMESH Ltd, will also consider the proposal for buyback of fully paid up equity shares of the Company, …. in their meeting scheduled to be held on Thursday, July 20, 2023," the company said in an exchange filing.

After the announcement, IndiaMart InterMesh share price rallied over 5% to an intraday high of ₹2,997.20 apiece on the BSE. Also Read: Adani Ports, Adani Ent share price gain over 2-3%; Check key reasons behind Adani Group stocks rally Earlier, the company had informed that its board of directors will consider and approve the Audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2023 on July 20. Meanwhile, during the quarter ended March 2023, IndiaMart InterMesh reported a consolidated net profit of ₹56 crore which was marginally lower than ₹57 crore in the year ago period.

Also Read: Avenue Supermarts share price declines post Q1 results. What brokerages make of the numbers? Its revenue from operations during Q4FY23 rose 34% to ₹268 crore from ₹201 crore, YoY. EBITDA was at ₹66 crore, while margins stood at 24.6%.

The company’s board had also recommended the issue of bonus shares in the proportion of 1:1 and a final dividend of ₹20 per equity share for FY23. IndiaMart InterMesh share price has rallied over 36% in 2023 so far. It has jumped more than 48% in the last one year.