Kaveri Seed Company shares rose nearly 3 per cent on Tuesday, a day after the seed producer said its board will consider a buyback plan in a meeting on September 24. In a regulatory filing after market hours on Monday, Kaveri Seed Company said the trading window will remain closed for its promoters, directors, key managerial personnel and designated employees from September 17 to September 26 (both days inclusive). On the Bombay Stock Exchange (BSE), shares in Telangana-based Kaveri Seed Company opened higher at Rs 536.00 apiece, and rose to as much as Rs 541.95 in the first half of the session, marking a rise of 2.54 per cent over the previous close. (Track Kaveri Seed share price here)
The Kaveri Seed stock price rose as much as 2.98 per cent to an intraday high of Rs 540.60 on the National Stock Exchange (NSE), from its previous close of Rs 524.95.
At 12:13 pm, Kaveri Seed Company shares traded 2.66 per cent higher at Rs 538.90 apiece on the National Stock Exchange (NSE), outperforming the benchmark Nifty index which was down 0.85 per cent amid a broad-based selloff.
By that time, 9,184 Kaveri Seed shares had changed hands on the BSE, as against an average of 23,000 in the past two weeks.
For the quarter ended June 30, Kaveri Seed Company had reported a net profit of Rs 229.58 crore, as against Rs 209.90 crore in the corresponding period a year ago. Its total income rose 6.11 per cent to Rs 631.71 crore in the first quarter of financial year 2019-20.