Emami jumps on 'buyback'

Emami was up among the top gainers on the BSE. The stock, which had closed yesterday at Rs.188.85, opened higher today at Rs.207.50 and this is its current intraday high. Presently, it is around Rs.196 levels.

The stock is up after the company announced that its Board will be meeting today to consider and approve the 2nd interim dividend for FY20 and buyback of shares.

Reports suggest that the buyback could be in the range of Rs.1000 crore.

What needs to be noted is that 83% o the promoters stake of 52.74% is currently pledged.

The buyback is estimated to hike promoters stake to 58%.