Bharat Electronics gains on share buyback plan

The stock was up 2% at Rs 178 on BSE after the state-owned company said that its board will consider the proposal for buyback of shares of the company on January 30, 2018

Bharat Electronics was up 2% at Rs 178 on BSE after the state-owned company said that its board will consider the proposal for buyback of shares of the company on January 30, 2018.

Earlier on January 9, Bharat Electronics announced that a meeting of the board of directors of the company is scheduled to be held on Tuesday, the 30th January, 2018 to consider and approve, unaudited standalone financial results for the quarter and nine months ended 31st December, 2017 and also to consider declaration of interim dividend for the financial year 2017-18.

We further wish to inform that, at the said board meeting the proposal for buy back of the fully paid-up equity shares of the company of face value of Re 1 each will also be considered by the board, Bharat Electronics said on Wednesday after market hours.

As of December 31, 2017, the Government of India holds 66.72% stake in Bharat Electronics. Mutual funds held 11.81% holding, followed by foreign portfolio investors (8.64%), insurance companies (4.42%), individual shareholders (4.03%) and bodies corporate (3.6%).

At 10:32 AM; the stock was trading 1.6% higher at Rs 176 against 0.18% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 4.4 million shares changed hands on BSE and NSE so far.