JBF Industries surged 7.44% to Rs 91.70 at 10:34 IST on BSE after the company's board approved buyback of equity shares.
The company made the announcement after market hours on Wednesday, 21 August 2013.
Meanwhile, the BSE Sensex was up 43.15 points or 0.24% to 17,949.06
On BSE, 81,236 shares were traded in the counter as against average daily volume of 34,600 shares in the past one quarter.
The stock hit a high of Rs 95 and a low of Rs 86.90 so far during the day. The stock had hit a 52-week low of Rs 82 on Tuesday, 20 August 2013. The stock had hit a 52-week high of Rs 151.70 on 4 October 2012.
The stock had outperformed the market over the past one month till 21 August 2013, falling 10.35% compared with the Sensex's 11.14% decline. The scrip had, however, underperformed the market in past one quarter, falling 22.23% as against Sensex's 10.97% fall.
The small-cap polyester chips maker has equity capital of Rs 72.72 crore. Face value per share is Rs 10.
JBF Industries' board of directors at a meeting held on Wednesday, 21 August 2013, approved buyback of equity shares of the company at a maximum price of Rs 105 per share, a 23.02% premium to the stock's closing market price of Rs 85.35 on Wednesday, 21 August 2013.
The company has set aside Rs 73.50 crore for the proposed buyback, which is within 10% of the total paid-up equity share capital and free reserves of the company as on 31 March 2013, JBF Industries said.
JBF Industries reported consolidated net loss of Rs 41.06 crore in Q1 June 2013 as compared to net profit of Rs 33.70 crore in Q1 June 2012. Net sales rose 16.5% to Rs 2093.10 crore in Q1 June 2013 over Q1 June 2012.
JBF Industries produces polyester chips for textiles, films and bottles, and polyester partially oriented yarns.
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