Gujarat Apollo Industries rose 4.48% to Rs 166.65 at 11:23 IST on BSE after the company said its board will consider share buyback on 13 April 2017.
The announcement was made after market hours yesterday, 10 April 2017.Meanwhile, the S&P BSE Sensex was up 164.83 points, or 0.56% to 29,740.57.
On the BSE, 20,000 shares were traded in the counter so far, compared with average daily volumes of 8,983 shares in the past one quarter. The stock had hit a high of Rs 168 and a low of Rs 161 so far during the day.
The stock hit a 52-week high of Rs 180.60 on 9 February 2017. The stock hit a 52-week low of Rs 118 on 16 May 2016.
The stock had outperformed the market over the past one month till 10 April 2017, rising 12.56% compared with 2.17% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.12% as against Sensex's 9.95% rise.
The small-cap company has equity capital of Rs 13.66 crore. Face value per share is Rs 10.
Gujarat Apollo Industries announced that the meeting of its board of directors will be held on Thursday, 13 April 2017, to evaluate the proposal for buyback of equity shares of the company.
Gujarat Apollo Industries reported net profit of Rs 0.65 crore in Q3 December 2016 as against net loss of Rs 0.86 crore in Q3 December 2015. Net sales declined 28% to Rs 12.51 crore in Q3 December 2016 over Q3 December 2015.
Gujarat Apollo Industries manufactures and exports construction and mining equipments.
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