State-run
Hindustan Petroleum Corporation Limited (HPCL) surged by 4.45% on Sensex and was trading at Rs187.60 per piece at around 2.19 PM. The stock has gained by nearly 6% with an intraday high of Rs189.50 per piece on the index.
Investors sentiment was driven after the company announced its plan to carry share buyback programme.
The company's board will discuss the share buyback proposal on November 04, 2020, which is also the day scheduled for the announcement of financial performance for the quarter ended September 2020 (Q2FY21).
In its regulatory filing on Thursday, HPCL said, We refer to our earlier letter ... dated October 22, 2020, informing about the date of Board Meeting as Wednesday, November 04, 2020, for consideration and Approval of Financial Results of the Company for the Second Quarter & Half Year ended September 30, 2020. The Company has also advised all the Insiders about the closure of the Trading Window Period for dealing in the securities of the Company from October 01, 2010, to November 06, 2020."
Further, HPCL said, we now wish to inform you that in the aforesaid Board Meeting, the Board will also consider a proposal to Buy-Back the fully Paid Equity Shares of the face value of Rs10 each of the Company.
HPCL also said, since the consideration of the proposal of Buy-Back of Shares is also proposed to be considered in the Board Meeting scheduled on November 04, 2020, & the Trading Window is already closed from October 01, 2020, to November 06, 2020, there is no separate closure of Trading Window for the Buy-Back of Shares.