“The meeting of board of directors of the Company will be held on Wednesday, September 26, 2018, inter alia, to consider a proposal for buy back of equity shares of the Company including matters related/incidental thereto and any other matter as the Board of the Directors may decide during the course of the Meeting,” TD Power Systems said in a BSE filing. The company made the announcement on Friday after market hours.
The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple.
The stock of TD Power Systems hit an all-time low of Rs 110 on September 19, 2018, during intra-day trade. Thus far in the calendar year 2018, it had underperformed the market by falling 43% as compared to a 9% rise in the Sensex till last Wednesday.
At 03:03 pm; the stock was trading 12% higher at Rs 144 on the BSE, against 0.36% decline in the benchmark index. The trading volumes on the counter nearly doubled with a combined 480,959 equity shares changed hands on the NSE and BSE so far.
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