“Orbit Exports’ Strategic Move: 2% Surge as Buyback Announcement Aligns with Stellar Quarterly Results”

Orbit Exports Soars: 2% Surge Amid Buyback Announcement and Stellar Quarterly Results

In a strategic move, Orbit Exports witnessed a remarkable 2% surge in its share price following the announcement of a buyback of equity shares alongside the release of impressive quarterly results. The market responded positively to this bullish movement, reflecting investor confidence in the company’s strategic decisions.

The Board of Directors at Orbit Exports approved a proposal for the buyback of 6 lakhs fully paid-up equity shares on a proportionate basis through the tender offer route. The buyback will utilize the mechanism for acquiring shares through stock exchanges with a face value of Rs. 10 each from all equity shareholders. The buyback is set at Rs. 250 per equity share, presenting a generous premium of 26% compared to the current market price. The total cash payment for this transaction is capped at an aggregate amount not exceeding Rs. 15 crores.

The company has scheduled Tuesday, February 13, 2024, as the record date for determining entitlement and identifying the names of eligible equity shareholders to participate in the buyback. This strategic move aims to enhance shareholder value and underscores the company’s commitment to rewarding its investors.

While unveiling the buyback plans, Orbit Exports also disclosed its financial performance for the October to December quarter. Despite a 15% decrease in revenue, moving from Rs. 52.64 crores in the September quarter to Rs. 44.74 crores in the December quarter, the market’s positive response showcases confidence in the company’s long-term vision. The net profits witnessed a decline of 48%, dropping from Rs. 10.29 crores to Rs. 5.39 crores during the same timeframe.

Investors seem undeterred by the dip in financial metrics, focusing instead on the company’s strategic initiatives like the buyback, which has significantly contributed to a more than 30% return to shareholders over the past year. Orbit Exports stands poised to navigate its financial trajectory with investor interests at the forefront, marking this period as a pivotal moment in its journey toward sustained growth and shareholder value creation.

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