Shares of Symphony Ltd. rallied by 20% to touch a day’s high of Rs 1,476.05 on 6th August, following the company’s announcement of its June quarter results and a buyback of equity shares.

The company approved a buyback of 2.85 lakh equity shares, representing 0.41% of the total equity. Each share has a face value of Rs 2.

The company would buy back shares at Rs 2,500 each, over 100% higher than Monday’s closing price.

This buyback of Rs 71.4 crore would be done through a “tender offer,” wherein the shares are purchased at a fixed price.

This would be the second buyback by Symphony, following the one undertaken last year. The record date for this buyback has not yet been set.

The company’s June quarter results show a net profit of Rs 88 crore as against Rs 24 crore in the same period last year. The revenue for the quarter increased by 76% to reach Rs 531 crore from Rs 302 crore recorded last year.

EBITDA surged from Rs 26 crore last year to Rs 111 crore, with its margin improving from 8.6% in the past year to 20.9%.

At 1:55 PM, the shares of Symphony Ltd. were trading 20% higher at Rs 1,474.90 on BSE.

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