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Ajanta Pharma has fixed May 30 as the record date for its buyback of 0.82% of the aggregate paid-up share capital of the company at Rs 2,770 per share. The pharma stock was trading at Rs 2,399.55, up 1% on BSE around 1:30 pm on Monday.
As for the retail shareholders, initial calculations show a possible acceptance ratio in the range of 4-10 percent
Sharekhan is bullish on Tata Consultancy Services has recommended buy rating on the stock with a target price of Rs 4200 in its research report dated November 29, 2023.
Share buybacks are a tax-efficient way of rewarding shareholders, but may also indicate the company lacks avenues for further growth