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You are at:Home»Business»CARE Ratings share price zooms 14.5% as company’s board mulls share buyback plan
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CARE Ratings share price zooms 14.5% as company’s board mulls share buyback plan

Paul EasterBy Paul EasterJuly 13, 2022No Comments2 Mins Read
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Rating agency company CARE Ratings’ share price zoomed 14.5 per cent to touch a day’s high level of Rs 475.6 per share on the BSE intraday during Wednesday’s trading session after the company on Tuesday announced that its board will consider a share buyback plan on July 20, 2022. 

CARE Ratings in an exchange filing said, “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 shares of the Company in accordance with the relevant provisions of SEBI and Companies Act, 2013.”  

According to the experts, the main objective of a share buyback scheme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better price to earnings (P/E) multiple. 

At around 01:30 PM, the stock was trading nearly 13 per cent higher to Rs 469.15 per share amid heavy volumes, as against a 0.55 per cent fall in the BSE Sensex. It had hit a 52-week low of Rs 402.75 on May 11, 2022, and has almost halved from its 52-week high level of Rs 783.25 on August 3, 2021. 

CARE Ratings shares in the last six months have underperformed the market by falling 23 per cent, as compared to over a12 per cent fall in the S&P BSE Sensex. While it has tumbled almost 34 per cent In the last one year as against a 1.6 per cent rise in the benchmark index. 

CareEdge Ratings has emerged as the leading agency for covering many rating segments including manufacturing, infrastructure, financial sector including banks, non-financial services, among others.  

The company has an established track record of rating companies over almost three decades and has had a pivotal role to play in developing bank debt and capital market instruments including CPs, corporate bonds and debentures, and structured credit. 





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