Shares of Gitanjali Gems surged 16.53 per cent to Rs 84.95 after the company announced its plans to buy back shares from April 17. The company’s buyback involves lifting 1.2 crore shares (of face value Rs 10) from open market at a price not exceeding Rs 120 per share totalling Rs 144 crore payable in cash.
The scrip opened at Rs 75 touched an intra-day high of Rs101 (an increase of over 34 per cent over the day’s low of Rs 75) with volumes of over 4.76 million shares. The scrip made a 52-week high of Rs 315.9 and a low of Rs 32.5.