Marathon Nextgen up by nearly 19% on buyback proposal

Marathon Nextgen Realty Limited has planned to hold a meeting of its board of directors on March 17, to consider the proposal of buyback of equity shares of the company.

Mar 14, 2017 06:03 IST India Infoline News Service

Marathon Nextgen Realty Limited has planned to hold a meeting of its board of directors on March 17, to consider the proposal of buyback of equity shares of the company.
 
The stock touched high of Rs 266 per share, up by Rs 42 per share or 18.98% on an intraday basis. The stock started rallying after the buyback proposal was announced.
 
The stock has outperformed the major indices in the market and the Nifty Realty index in Tuesday’s trading session.
 
Marathon Nextgen Realty Limited is engaged in the business of construction of real estate.
 
The company witnessed rise in its net profit by nearly 32% for the quarter ended on December 31, 2016.
On a bullish day, Nifty Realty index is trading higher by 1.8% at the 202 level. HDIL is the top gainer in the Realty index, trading higher by 3.8% at Rs 74.95 per share. 
 
Stock View:
 
Marathon Nextgen Realty Ltd is currently trading at Rs 264, up by Rs 40.45 or 18.09% from its previous closing of Rs 223.55 on the BSE.
 
The scrip opened at Rs 247 and has touched a high and low of Rs 266 and Rs 234.1 respectively. So far 185130(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 635.72 crore.
 
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 297 on 12-Aug-2016 and a 52 week low of Rs 135 on 05-Apr-2016. Last one week high and low of the scrip stood at Rs 249.9 and Rs 220 respectively.
 
The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 0.01 % and 24.99 % respectively.
 
The stock is currently trading above its 200 DMA.

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