Excel Industries surged 13.67% to Rs 228.70 at 10:35 IST on BSE after the company said its board of directors approved buyback of equity shares at a price not exceeding Rs 275 per share for a maximum amount of Rs 18 crore.
The announcement was made before market hours today, 29 March 2016.Meanwhile, the S&P BSE Sensex was down 15.69 points or 0.06% at 24,950.71.
On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 5,994 shares in the past one quarter. The stock hit a high of Rs 231 and a low of Rs 209.20 so far during the day. The stock had hit a 52-week high of Rs 353 on 6 August 2015. The stock had hit a 52-week low of Rs 140 on 12 February 2016. The stock had outperformed the market over the past one month till 28 March 2016, surging 36.31% compared with the Sensex's 7.83% rise. The scrip had, however, underperformed the market in past one quarter, sliding 16.51% as against Sensex's 4.1% fall.
The small-cap company has equity capital of Rs 6.45 crore. Face value per share is Rs 5.
Excel Industries' net profit fell 75.2% to Rs 2.11 crore on 11.6% decline in net sales to Rs 101.76 crore in Q3 December 2015 over Q3 December 2014.
Excel Industries is engaged in the manufacture of a range of speciality and performance chemicals.
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