I did some study on this and looks like the company has still not started placing its buy orders. As per regulations you have to place buy orders atleast once per week. Since the buyback started just yesterday, expect the announcements from next week. Also note that the last day for buyback is May 18. That is around 175 trading days. Best case if the company buys back 1 Crore shares, it needs to buy around 55,000 shares daily. Average traded qty on the exchanges is around 30K per xchange. So the mathematics is pretty simple, it will have to buy back all the shares supplied on both the exchanges daily. Things can`t get any better. But recently my bad luck has been at an all time high so i won`t be surprised if something goes wrong out of the blue as a totally exceptional case. Anyways let`s hope for the best. That`s what the market is all about.
Don`t worry the buyback has been approved. I haave the pdf of the complete SEBI order approving the buyback. Only thing is that it is copy protected so i cannot do copy paste here. The link is 3w (dot)sebi(dot)gov(dot)in/cmorder/bhagyanagar.pdf. I will type in the gist here. Recently the promoter holding has gone up by 5% and the buyback is huge 10%. If we consider that the promoters are able to buy back entire 10% then it triggers the takeover code according to which they will have to make additional open offer to existing shareholders for which they had sought exemption. SEBI has granted that exemption and Here is what SEBI has to say:
The panel observed that even after buyback of 1,00,00,000 shares, public shareholding will be 30.99% which is much above the stipulated 25%. Further the buyback will enhance overall shareholders value. The max buyback price of 40 is higher than the book value of 29.36 and min price of 18.96 calculated by takeover reg. Considering all the aspects the panel found that the proposal is in favour of public shareholders and recommended exemption to the acquirers ..... please go thr the document link given above for more details
received the following reply to my e-mail query from the compant secretary
Dear Sir,
With reference to the e-mail, we wish to clarify that the approval we received from SEBI and which is displayed on the website pertains to the approval that the Promoter Group has received U/r 4 of the Takeover Code to exempt the Promoter Group from the incidental acquisition beyond the prescribed limits post buyback
The approval from SEBI that is mentioned in the UFR is the approval post Public Announcement that the Company has to receive to start the Buyback from a particular date
Bhagyanagar India Ltd has announced the Financial Results for the Quarter ended September 30, 2009.
The Net Sales / Income from Operations was at Rs 4036.86 lacs for the quarter ended September 30, 2009 as compared to Rs 5601.61 lacs for quarter ended September 30, 2008.
The Net Profit / (Loss) for the quarter ended September 30, 2009 was at Rs 383.35 lacs as compared to Rs 188.39 lacs for the quarter ended September 30, 2008.
The company has reported an EPS (Earnings Per Share) of Rs 0.51 for the quarter ended September 30, 2009 as compared to Rs 0.25 for the quarter ended September 30, 2008.
The Net Sales / Income from Operations was at Rs 7713.74 lacs for 6 months ended September 30, 2009 as compared to Rs 10572.95 lacs for 6 months ended September 30, 2008.
The Net Profit / (Loss) was at Rs 754.30 lacs for 6 months ended September 30, 2009 as compared to Rs 629.21 lacs for 6 months ended September 30, 2008.
The company has reported an EPS (Earnings Per Share) of Rs 1.01 for 6 months ended September 30, 2009 as compared to Rs 0.84 for 6 months ended September 30, 2008.
The stock closed the day at Rs.25.40, down by Rs.0.45 or 1.74%. The stock hit an intraday high of Rs.26.50 and low of Rs.25.25.
The total traded quantity was 41647 compared to 2 week average of 48192.
| NIFTY 
