Shares of BSE are up for the fourth day running, gaining another 7 percent after a 7 percent surge on Wednesday. The stock is nearing its all-time high of Rs 1,047, which it hit in March last year.
With today’s surge, the stock has taken its gains for 2023 to 87 percent. The stock had tripled in 2021, before dropping 15 percent in 2022. Shares have gained nearly 30 percent this month after a 32 percent surge in July.
Shares have also been seeing steady gains since the company announced its third share buyback since going public. In July this year, the company announced a buyback worth Rs 375 crore through the tender offer route.
Today’s surge has taken the company’s share price to nearly 27 percent higher than its buyback price of Rs 816.
Timelines of the share buyback are yet to be disclosed.
Last year, BSE had also declared a 2:1 bonus issue, which meant that it issued two bonus shares for every one share held. The stock has been trading ex-bonus since March 2022. The stock exchange had also declared a dividend of Rs 13.5 per equity share for fiscal year 2023.
Brokerage firm HDFC Securities upgraded the stock to buy from its earlier rating of Add on Wednesday and raised its price target to Rs 1,230 from Rs 940 earlier.
The brokerage said that BSE’s derivative market share is likely to reach nearly 10 percent by the March quarter of the current financial year, driven by the on-boarding of large member brokers, launching of new weekly index contracts, hedging activity and continued increase in active traders.
Shares of BSE are trading 7.7 percent higher at Rs 1,042.
First Published: Aug 30, 2023 12:57 PM IST
