Shares of Cera Sanitaryware Ltd. rallied by as much as 6% to touch a day’s high of Rs 9,490.10 on 5th August after the board approved a buyback of equity shares.

The company plans to buy back up to 1.08 lakh shares, or 0.83% of its total equity, for Rs 130 crore. The buyback record date is 16th August 2024, and the price is set at Rs 12,000 per share, a 34% premium over Friday’s closing price.

This is Cera Sanitaryware Ltd.’s first buyback; the company last issued a bonus in 2010 at a 1:1 ratio.

The company declared a final dividend of Rs 60 per share this year, up from Rs 50 per share in 2023.

At the end of the June quarter, promoters held a 54.48% stake, while mutual funds owned 6.80% of the company.

The company’s standalone net profit rose 19.21% to Rs 75.03 crore in Q4 FY24, up from Rs 62.94 crore in Q4 FY23. Revenue from operations grew 2.47% year-over-year to Rs 546.63 crore for the quarter ending on 31st March 2024.

The company’s market capitilisation has risen to Rs 12,134 crore. The stock has a beta of 0.3, indicating low volatility, and an RSI of 54.7, showing the stock is neither overbought nor oversold.

At 3:22 PM, the shares of Cera Sanitaryware Ltd. were trading 5.93% higher at Rs 9,454.95 on BSE.

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