bse board to consider share buyback on july 6 stock surges over 5 percent
Share buybacks are considered a tax-efficient way to distribute cash to investors and can increase stock value by reducing the number of shares available. BSE shares rose more than 5% in the opening session on Monday following the announcement. The company has reshuffled the executive team with the appointment of a new Chief Regulatory Officer, Chief Risk Officer and Chief Information Officer. BSE is known as the fastest growing capital market in the world. For the quarter ended March 2023, the company reported a revenue of Rs 227 crore and a profit of Rs 88 crore.
Under share buyback, the company buys its shares from the shareholders. This is seen as a tax-efficient way of returning cash to investors. Share buyback reduces the number of shares available in the market and thereby increases the real value of the share.
The stock rose more than 5% to Rs 644.25 on the national bourse after the announcement. Shares are up nearly 16% on a year-to-date basis.
The Company has appointed Kamala Kanthraj as Chief Regulatory Officer with effect from 1st July 2023. He will replace Neeraj Kulshrestha. Khushro Bulsara has been appointed as Chief Risk Officer in place of Kamala Kanthraj. As the company’s Chief Information Officer Kersi Tawadia retired on June 30, the new Chief Technology Officer Subhash Kelkar has been appointed as the Chief Information Officer from July 1, 2023, the company informed.
BSE (formerly Bombay Stock Exchange) has recently re-introduced the S&P BSE Sensex Futures and Options index. Currently, its turnover is at a record level. Turnover rose 37% to Rs 8.28 lakh crore in the week ended June 30, compared to Rs 6.06 lakh crore in the previous week.
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