Maharashtra Seamless jumped 5.86% to Rs 227.55 at 09:17 IST on BSE, after the company's board of directors approved share buy-back proposal.
The announcement was made after market hours on Monday, 8 April 2013.
Meanwhile, the BSE Sensex was up 55.56 points, or 0.3%, to 18,493.34
On BSE, 10,404 shares were traded in the counter as against average daily volume of 5,951 shares over the past one quarter.
The stock hit a high of Rs 236 and a low of Rs 225.45 so far during the day. The stock had hit a 52-week high of Rs 398.95 on 10 April 2012 and a 52-week low of Rs 199.05 on 26 February 2013.
The small-cap had underperformed the market over the past one month till 8 April 2013, sliding 2.3% compared with the Sensex's 6.33% fall. The scrip had also underperformed the market in past one quarter, declining 21.79% as against Sensex's 6.61% fall.
More From This Section
The company has an equity capital of Rs 35.27 crore. Face value per share is Rs 5.
Maharashtra Seamless' board of directors at its meeting held on 8 April 2013, approved the buy-back of fully paid up equity shares of the company at a price not exceeding Rs 300 per share, payable in cash and not exceeding an aggregate amount of Rs 100 crore, which is within 10% of the paid up capital and free reserves of the company as per audited accounts for the financial year ended 31 March 2012. The buy-back shall be from the open market through Stock Exchange(s). The buyback will be implemented with applicable statutory approvals.
The maximum buyback price of Rs 300 per share represents a 39.56% premium to Maharashtra Seamless' closing price of Rs 214.95 on Monday, 8 April 2013.
Maharashtra Seamless' net profit dropped 64.9% to Rs 28.40 crore on 36.6% fall in net sales to Rs 391.62 crore in Q3 December 2012 over Q3 December 2011.
Powered by Capital Market - Live News