BSE board to consider share buyback on July 6; stock surges over 5%

“We wish to inform you about a Board meeting to be held on 06-Jul-2023 to consider the Buyback proposal,” it said. The company will inform the record date in due course.

Under share buyback, the company buys back its own shares from shareholders and it is seen as a tax-efficient way to give cash back to investors. Share buyback reduces the number of shares available in the market and thereby increases the real value of the stock.

Following the announcement, the stock rose over 5% to Rs 644.25 on NSE. The shares have risen nearly 16% on a year-to-date basis.

In other news, the company appointed Sushri Kamala Kantharaj as Chief Regulatory Officer with effect from July 1, 2023, in place of Neeraj Kulshrestha, who had resigned from the company.

Further, Khushro Bulsara has been appointed as Chief Risk Officer with effect from July 1, 2023, in place of Sushri Kamala Kantharaj.

Kersi Tavadia, Chief Information Officer of the company, is retiring on June 30 and Subhash Kelkar, the current Chief Technology Officer has been re-designated as Chief Information Officer with effect from July 1, 2023, the company informed bourses.BSE (formerly Bombay Stock Exchange) is the world’s fastest stock exchange with a speed of 6 microseconds.

In the March quarter, the company reported a revenue of Rs 227 crore and a profit of Rs 88 crore.

The exchange has recently reintroduced the S&P BSE Sensex futures and options segment, whose turnover scaled record high levels.

Surging 37% from the previous week’s expiry turnover of Rs 6.06 lakh crore, the notional turnover has reached Rs 8.28 lakh crore for the week ended June 30.

The total open interest reached a peak of 6.62 lakh contracts before expiry valued at Rs 42,850 crores. A total of 1.28 crores of contracts were traded.