Garware-Wall Ropes rose 2.04% to Rs 50 at 11:39 IST on BSE, after the company's board of directors approved buyback of equity shares.
The announcement was made after market hours on Tuesday, 24 September 2013.
Meanwhile, the BSE Sensex was down 162.78 points, or 0.82% at 19,757.43
On BSE, 13,036 shares were traded in the counter as against an average daily volume of 2,072 shares in the past one quarter.
The stock hit a high of Rs 50.10 and low of Rs 50 so far during the day. The stock had hit a 52-week high of Rs 54 on 23 October 2012 and a 52-week low of Rs 37.95 on 28 August 2013.
The small-cap stock had outperformed the market over the past one month till 24 September 2013, rising 22.81% compared with the Sensex's 7.56% gain. The scrip had also outperformed the market in the past one quarter, gaining 16.67% as against Sensex's 7.44% rise.
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The company has an equity capital of Rs 23.71 crore. Face value per share is Rs 10.
Garware-Wall Ropes' board of directors at its meeting held on 24 September 2013 approved buy-back of the company's shares from its shareholders from open market through stock exchanges at a price not exceeding Rs 65 per share payable in cash for an aggregate amount not exceeding Rs 11 crore. The offer size represents 4.13% of the aggregate of the company's paid up equity capital and free reserves as at 31 March 2013, the company said.
Garware-Wall Ropes' net profit rose 3.5% to Rs 6.20 crore on 9.5% fall in net sales to Rs 148.66 crore in Q1 June 2013 over Q1 June 2012.
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