 "Seamec surges on share buyback plan")
Shares of Seamec have surged 10% to Rs 111 on the NSE after the shipping company announced a share buyback plan.
“A meeting of the Board of Directors of the company will be held on May 27, 2015, to consider a proposal for buying back of equity shares of the company,” Seamec said in a filing.
As of March 31, 2015, the promoters held 75% stake in Seamec. Individual public shareholders have 16.86% holdings, followed by bodies corporate (5.4%) and mutual funds (1.73%).
In the past one year, the stock has underperformed the market by falling 4% compared to more than 12% rise in the S&P BSE Sensex and CNX Nifty.
Today, the stock opened at Rs 108 and touched a high of Rs 114 on the NSE. The trading volumes on the counter more than doubled, with a combined 69,941 shares changing hands on the NSE and BSE till 1014 hours.
“A meeting of the Board of Directors of the company will be held on May 27, 2015, to consider a proposal for buying back of equity shares of the company,” Seamec said in a filing.
As of March 31, 2015, the promoters held 75% stake in Seamec. Individual public shareholders have 16.86% holdings, followed by bodies corporate (5.4%) and mutual funds (1.73%).
In the past one year, the stock has underperformed the market by falling 4% compared to more than 12% rise in the S&P BSE Sensex and CNX Nifty.
Today, the stock opened at Rs 108 and touched a high of Rs 114 on the NSE. The trading volumes on the counter more than doubled, with a combined 69,941 shares changing hands on the NSE and BSE till 1014 hours.