Shares of CARE Ratings zoomed up to 18 per cent today after the firm said its board would meet on July 20 to consider a proposal for buyback of shares. CARE Ratings stock zoomed 18.51 per cent to Rs 491.25 against the previous close of Rs 413.5 on BSE.
CARE Ratings stock has gained after 3 days of consecutive fall. Shares of CARE Ratings opened with a gain of 7.86 per cent at Rs 448 today. The smallcap stock touched an intraday high of Rs 492.25,rising 18.51 percent against the previous close of Rs 415.35 on BSE. Later, the stock ended 12.44 per cent higher at Rs 467 on BSE.
The stock trades higher than 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages. However, the stock has lost 32.97 per cent in a year and declined 22 per cent in 2022.
Total 1.78 lakh shares of the firm changed hands amounting to a turnover of Rs 8.34 crore on BSE. The market cap of the firm rose to Rs 1,404 crore on BSE.
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“Pursuant to Regulations 29(1)(b) and 29(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of the Company at its meeting scheduled to be held on Wednesday, July 20, 2022 will consider a proposal for buyback of equity shares of the Company in accordance with the relevant provisions of SEBI (Buyback of Securities) Regulations, 2018 read with applicable provisions of the Companies Act, 2013 and rules made thereunder,” the company said in a communication to bourses.
The credit ratings firm reported a 12.17 per cent fall in profit at Rs 22.89 crore for the quarter ended March 2022 against a net profit of Rs 26.07 crore in the year-ago quarter. During January-March 2022 quarter, total income of CARE Ratings fell 14.30 per cent to Rs 73.05 crore against Rs 85.25 crore on a year-on-year basis.
Earnings per share (EPS) slipped 12.23 per cent to Rs 7.68 in Q4 against Rs 8.75 EPS in the corresponding quarter of previous fiscal.
CARE Ratings is a credit rating agency. It provides various credit ratings that helps corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations.
