Ramco Cements hits record high on share buyback plan

The stock was up 5.5% to Rs 713 on the BSE.

Ramco Cements has moved higher to its record high of Rs 713, up 5.5% on the BSE, after the company announced the board will meet on February 7 to consider a proposal of buyback of equity shares of the company.

Earlier on December 27, 2016, Ramco Group Company informed the stock exchanges about the board meeting to be held on February 07, 2017, to consider the unaudited financial results for the quarter and nine months ended December 31, 2016 (Q3).

The promoters held 42.30% stake in cement & cement products maker as of December 31, 2016, the shareholding pattern data shows.

Mutual funds holding 15.71% stake, followed by individual shareholders (14.64%) and foreign portfolio investors (14.44%).

In past one year, the stock outperformed the market by surging 81% as compared to 11.5% rise in the S&P BSE Sensex.

At 02:36 pm; it was up 5% at Rs 703 on the BSE against 0.43% decline in the benchmark index. The trading volumes on the counter more than doubled with a combined 348,993 shares changed hands on the BSE and NSE.