Gandhi Special Tubes rose 9.86% to Rs 382.10 at 9:43 IST on BSE after the company said it will seek shareholders' approval to buyback 8.80 lakh shares at Rs 500 each.
The announcement was made after market hours yesterday, 18 December 2017.Meanwhile, the S&P BSE Sensex was up 105.85 points, or 0.32% to 33,707.53.
On the BSE, 64,000 shares were traded in the counter so far, compared with average daily volumes of 11,000 shares in the past two weeks. The stock had hit a high of Rs 405 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 375 so far during the day. The stock hit a 52-week low of Rs 280 on 11 August 2017.
Gandhi Special Tubes said that it will seek shareholders' approval to buyback 8.80 lakh shares at Rs 500 each. The buyback offer is 5.99% of the paid-up equity share capital of the company. Shareholders whose names appear on the register of members/list of beneficial owners as on 22 December 2017 will be considered for the purpose of voting through postal ballot and e-voting.
Net profit of Gandhi Special Tubes rose 13.9% to Rs 8.69 crore on 8.6% rise in net sales to Rs 29.78 crore in Q2 September 2017 over Q2 September 2016.
Gandhi Special Tubes is a manufacturer of seamless and welded steel tubes, which are used in automotive, hydraulics, refrigeration and other engineering services.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)