On Friday, shares of Matrimony.com surged 14 per cent to Rs 759.80 on the Bombay Stock Exchange (BSE) after the board has approved a buyback price of Rs 1,150 per share via a tender offer. In the last week, the stock has outperformed, which has raised 2 per cent against a 4 per cent decline in the S&P BSE Sensex.

• NASA Reports Fuel Leak in Moon Rocket Test Countdown
• SC Slams WhatsApp Over Data Sharing for Ads
• India Unlikely to Halt Russian Oil Imports: Ex-Foreign Secretary
• Godrej Properties Rallies 9.75% on Rs 1,000 Cr Sales
• KEC International Bags Rs 1,020 Crore Orders; Shares Rally 5%

Today’s morning trade Matrimony.com has raised a high of 9 per cent at Rs 728.90, which compared to 0.92 per cent in S&P BSE Sensex.

“The board of directors, subject to approval by the shareholders of the company, has recommended a buyback of equity shares not exceeding Rs 75 crore at an indicative maximum buyback price not exceeding Rs 1,150 per equity share through the ‘tender offer’ route, on a proportionate basis,” Matrimony.com said.

The BOD has approved a buyback shares program to arrest and fall in the valuation of stock which reduces supply, which will push up the share price for better earnings (P/E) multiple.