HSIL hits fresh 52-wk high, gains 17% in 3 days on board's nod for buyback

The board on Monday approved buyback of shares at Rs 105 per share for an aggregate amount of Rs 70 crore via open market.

Shares of HSIL hit a fresh 52-week high of Rs 83.40, up 6.5 per cent on the BSE on Thursday in an otherwise weak market. The stock of the container and packaging company recovered 14 per cent from its intra-day low of Rs 73 touched in the early morning deal today.

In the past three trading days, shares of HSIL have surged 17 per cent after its board on Monday approved the buyback of shares at Rs 105 per share for an aggregate amount of Rs 70 crore via open market.

"At the maximum buyback price and for maximum buyback offer size, the indicative maximum number of equity shares to be bought back would be 6.67 million equity shares which are 9.22 per cent of the total number of equity shares of the company," HSIL said in an exchange filing.

HSIL, engaged in containers & packaging business, is one of the leaders in glass, PET and caps and closures business. With the growing demand of the pharmaceutical sector and the rise of online businesses in the retail and food and beverage sector, packaging is receiving renewed attention from all sectors.

In the past one week, the stock has soared 26 per cent against a 5 per cent decline in the S&P BSE Sensex. In the last three months, the stock has rallied 66 per cent, as compared to a 5 per cent gain in the benchmark index.