Matrimony.com Jumps Ahead Of Board Meet To Consider Buyback

Shares of Matrimony.com Ltd. surged over 13% to a two-year high on Tuesday after it said its board will meet this week to consider share buybacks.

The company said a board meeting will be held on Sept. 5, 2024, inter-alia, to consider and approve, the proposal for buyback of its fully paid-up equity shares of the company and the matters necessary and incidental thereto, according to an exchange filing.

The last time the company announced a buyback was in June 2022, at Rs 1,150 per equity share for an aggregate of Rs 75 crore.

Shares of the company rose as much as 13.5% to 846.95 apiece, the highest level since June 22, 2022. It pared gains to trade 9.8% higher at Rs 846.95 apiece as of 10:04 a.m. This compares to a 0.1% fall in the NSE Nifty 50 Index.

It has risen 40.98% on a year-to-date basis and 37.63% in the last 12 months. Total traded volume so far in the day stood at 35 times its 30-day average. The relative strength index was at 71.7, indicating that the stock may be overboughy.

One out of the four analyst tracking the company has a 'buy' rating and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 14.5%.