Shares of Ansal Housing & Construction jumped by 20% in early trade today to hit the upper circuit after the company said its board will meet on December 2 to consider a buyback of equity shares.
Ansal Housing saw its shares surge by 19.97% to Rs 38.75 within seconds of opening trade on the BSE.
Bucking the sluggish broader market trend, the stock spurted by 19.91% to Rs 38.55 on the NSE as well.
In a regulatory filing issued to the stock exchanges yesterday, the company said, "A meeting of the board of directors will be held on December 2, 2011, to consider and discuss the buyback of equity shares of the company."
The announcement was made after market hours yesterday.
Meanwhile, the BSE benchmark Sensex was trading at 15,956.83, down 51.51 points, at 1145 hours.