Symphony Ltd., a consumer durables manufacturer, saw its shares surge 19% following the approval of a share buyback at a 100% premium. The company will repurchase 2.85 lakh shares at ₹2,500 each, significantly higher than Monday's closing price.
This buyback, valued at ₹71.4 crore, follows Symphony's 2023 buyback. The June quarter results also impressed, with net profit soaring to ₹88 crore from ₹24 crore last year, and revenue up by 76% to ₹531 crore. Shares of Symphony have climbed 65% in 2024, currently trading at ₹1,455.7.