Aurobindo Pharma stock price rises 5% to 52-week high. Board to meet on July 18, 2024 to consider share buyback

Stock market today: Aurobindo Pharma’s stock price gained more than 5% in morning trading on Monday, with the share price hitting a 52-week high.

Aurobindo Pharma’s stock price opened at ₹1,360.00, slightly higher than the previous close ₹1,326.85. However, Aurobindo Pharma’s share price subsequently hit a 52-week high ₹1,394.35 on the NSE on Monday.

Share buybacks boost earnings

Aurobindo Pharma’s share price gains are attributed to its announcements around its board meeting to be held on Thursday, July 18, 2024 to consider a share buyback.

In its press release, Aurobindo Pharma stated that a meeting of the Board of Directors of Aurobindo Pharma Limited will be held on Thursday, 18th July, 2024 to consider, among other things, a proposal for buy-back of the fully paid-up equity shares of the Company and matters necessary and incidental thereto, in accordance with the applicable provisions of the Companies Act, 2013.

Profit outlook improves

Aurobindo Pharma’s share price has risen nearly 90% in a year, with earnings prospects improving. US growth concerns, fuelled by strong pricing pressure, are now behind us. Europe, the second largest contributor to Aurobindo Pharma after the US, is also seeing its outlook improve.

(More soon)