BSE Shares Gain After Board Approves Buyback

Shares of BSE Ltd. rose after its board approved a proposal to buy back equity shares worth Rs 374.80 crore at Rs 816 apiece.

The company will buy back 45.93 lakh shares, representing 3.39% equity via the tender offer route, it said in an exchange filing on Thursday. The buyback offer price represents a premium of 34.09% over the closing price of the equity shares on June 30.

Shares of the company rose as much as 3.48%, the most in a week, before paring gains to trade 1.12% higher at Rs 688 as of 2:32 p.m. That compared with a 0.39% gain in the Nifty 50.

Total traded volume stood at 4.2 times its 30-day average. The relative strength index was at 82, suggesting the stock may be overbought.

Of the six analysts tracking the company, two maintain a 'buy rating and four recommend a 'hold', according to Bloomberg data. The average 12-month analyst price target implies a potential downside of 1.4%.