SJVN shares jump over 15% as company mulls share buyback
Shares of SJVN jumped over 15% in the early trades on Thursday as the electric utility firm is planning a share buyback programme. SJVN will consider the proposal at its board meeting scheduled on 8 January 2018. “The meeting of board of directors of the company will be held on 08th day of January 2018 i.e., Monday at New Delhi, inter alia, to consider the proposal for buyback of the fully paid-up equity shares of the company,” SJVN said in an exchange filing. Following the development, the stock of SJVN surged as much as 15.65% to a 51-week high of Rs 39.9 on BSE. Heavy trading volmes have been witnessed in the shares of SJVN, as at 10: 30 am, more than 1.2 crore shares exchanged hands on both BSE and NSE with about 1.5 crore shares on NSE alone.
With a huge 15% spurt in the shares of SJVN, the market capitalisation of SJVN moved to Rs 16,484.06 crore from Rs 14,253.14 crore, adding Rs 2,230.92 crore. Shares of SJVN are included in group ‘A’ of BSE and are a component of S&P BSE 500 index. SJVN is a mini ratna & schedule ‘A’ CPSU (Central Public Sector Undertaking) company under the Ministry of Power, Government of India, is a joint venture between the Government of India & Government of Himachal Pradesh. “In pursuance of the internal code of conduct for prevention of insider trading in dealing with securities of SJVN Limited, the trading window shall remain closed from 03.01.2017 to 10.01.2017 (both days inclusive), in connection with the above scheduled meeting,” SJVN said in an exchange filing.
Meanwhile, India’s stock market opened up on Thursday with Sensex and Nifty starting a little higher following the record closing on Wall Street overnight. BSE Sensex gained 119.11 points or 0.35% to begin at 33,912.49 and NSE Nifty added 26.2 points or 0.25% to open at 10,469.4. Indian stock markets gained in the early trades as most of the Asian markets inched up on the back of solid economic data from the United States and Germany. Within minutes of trading activity, key equity indices retreated the morning gains but were still trading in green. Shares of heavyweight companies such as HDFC Bank, ITC, L&T and Asian Paints contributed added to the upsurge. Shares of ADAG’s telecom company Reliance Communications extended yesterday’s losses, fell over 4%.