Shares of Axis Cotton jumped 5 per cent, hitting its buyer's circuit limit, Rs 27.30 at 9.55 am, following the announcement. Shares of Axita Cotton hit an upper circuit during the trading session on Friday as the company mulls plans for buyback of equity shares. The company board is likely to meet for the same purpose, Axita Cotton said in an exchange filing and stocks rallied 5 per cent during the session. The company board of Axita Cotton is scheduled to meet on Tuesday, May 23, 2023, to consider the proposal for buyback of fully paid-up equity shares of the company, in accordance with the applicable provisions under the Companies Act, 2013 and the Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018, the company said. Shares of Axis Cotton jumped 5 per cent, hitting its buyer's circuit limit, Rs 27.30 at 9.55 am, following the announcement, commanding a total market capitalization of Rs 550 crore. The scrip had settled at Rs 26 on Thursday. Shares of Axita Cotton have jumped about 50 per cent in the last one year. For the quarter ended on March 31, 2023, Axita Cotton reported a net profit ot Rs 5.6 crore with a revenue from operations at Rs 125.88 crore. The textile products maker clocked a net profit of Rs 17.04 crore with a revenue from operations at 552.6 crore for the entire financial year 2022-23. Axita Cotton has been exporting Raw cotton & cotton yarns to Asian countries including Bangladesh, China, Vietnam and some European countries for the last six years. The company is among the leading raw cotton manufacturers and exporters in India. The company produces cotton bales and cotton seeds, with a focus on two varieties of cotton bales: Shankar-6 and MCU-5/MECH. The production facility is located in Kadi, in the Mehsana District of Gujarat state, which is strategically positioned near the major cotton growing areas of Saurashtra and other regions of Gujarat.