Aarti Drugs rallies on buyback plan
Aarti Drugs advanced 3.80% to Rs 693 after the company said its board will consider a share buyback on Friday, 19 March 2021.
Aarti Drugs advanced 3.80% to Rs 693 after the company said its board will consider a share buyback on Friday, 19 March 2021.
In a BSE filing made before trading hours today (16 March 2021), the company said that its board will meet on Friday, 19 March 2021, to consider the proposal for buyback of equity shares.
On the technical front, the stock’s RSI (relative strength index) stood at 49.448. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 681.95 and its 200-day moving average (DMA) placed at 618.08.
The drug maker’s consolidated net profit soared 144.9% to Rs 68.03 crore on 12% rise in net sales to Rs 530.25 crore in Q3 December 2020 over Q3 December 2019.
Aarti Drugs is a pharmaceutical company and has a strong presence in the anti-diarrhea, anti-inflammatory therapeutic groups.
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