Deccan Chronicle Holdings gains on buyback proposal
Deccan Chronicle Holdings moved up 1.13% to Rs 206 at 13:35 IST after its board approved a buyback of shares at a maximum price of Rs 250 per share. The BSE Sensex was up 410.21 points, or 2.20%, to 19183.29. On BSE, 7.16 lakh shares of the scrip were traded. The stock had an average daily volume of 2.12 lakh shares on BSE in past one quarter. The scrip had touched a high of Rs 220 and a low of Rs 203 so far during the day. The stock had hit a 52-week high of Rs 252.85 on 6 September 2007 and a 52-week low of Rs 118.80 on 31 October 2006. The scrip had underperformed the market in the one month to 25 October 2007, falling 0.78% as against the Sensex's 10.93% gain. It had also underperformed the market in the past three months, sliding 11.65% against the Sensex's 23.21% rise. The mid-cap newspaper publisher has an equity capital of Rs 48.98 crore. Face value per share is Rs 2. At the current price of Rs 206, the scrip trades at a PE multiple of 15.21, based on Q2 September 2007