Shares of Symphony fell 7% to Rs 1,009 on the BSE in intraday trade on Wednesday as the stock passed its ex-date for share buyback.

The company has set Wednesday, March 29, 2023, as the record date for determining the rights and names of stockholders eligible to participate in the repurchase and to which stockholders of the repurchase should be sent an offer letter and tender form.

At its meeting held on February 8, 2023, the board of directors of a consumer electronics company approved and announced a buyback of up to Rs 200 crore shares at a share price of Rs 2,000 per share through a tender offer.

Meanwhile, on its December quarterly conference call, management said the company is seeing strong demand from channel partners in India and expects to sustain it soon. Various new products were introduced, including a high-tech BLDC air cooler. Standalone GM and Ebitda margins will improve; historical Ebitda margins of 30% are also achievable in the medium term.

Demand for air coolers is likely to be strong (less sensitive to economic factors than seasonal ones) in the upcoming summer despite the current subdued consumer sentiment. Weakness in Australian climate technology (CT) is expected to continue soon. The dividend payout policy has been changed to at least 60% from the previous 50% policy, analysts at HDFC Securities said in a result update.