Vardhman Textiles jumps 3% on share buyback approval

Shares of Vardhman Textiles today defied the broader market trend and settled with gains of over 3 per cent after the company's board approved a share buyback proposal.
The company's stock opened on a bullish note and rose further to touch an intra-day high of Rs 1,108 on the BSE. The scrips settled for the day at Rs 1,071.05, up 3.15 per cent.
At the end of today's trading session the market capitalisation of the company stood at Rs 6,814.28 crore.
On NSE, shares of the company jumped 3.07 per cent to Rs 1,071.10.
On September 24, the board of directors of the company announced that it will buyback 61.28 lakh equity shares, representing about 9.63 per cent of the total paid up equity share capital of the company at a maximum price of Rs 1,175 each.

The uptick in the counter assumes significance as the broader market settled for the day in the negative territory.
The 30-share benchmark index, Sensex today settled at 28,294.28, down 373.94 points or 1.30 per cent.