Selan Exploration Technology surged 10.41% to Rs 191.90 at 15:21 IST on BSE after the company said its board of directors approved buyback of equity shares at a price not exceeding Rs 300 per share.
The announcement was made during market hours today, 27 December 2018.Meanwhile, the BSE Sensex was up 164.15 points, or 0.46%, to 35,814.09
On BSE, so far 3.67 lakh shares were traded in the counter, compared with an average volume of 17,000 shares in the past two weeks. The stock hit a high of Rs 200.75 and a low of Rs 176.50 so far during the day.
The board of directors of Selan Exploration Technology approved the buyback of fully paid-up equity shares of the company at a price not exceeding Rs 300 per share for an aggregate amount of Rs 25 crore from the open market. The company will accordingly purchase an indicative minimum of 4,16,667 equity shares based on the minimum buyback size and the maximum buyback price.
The board of directors of the company declared an interim dividend of 50% (i.e. Rs 5 per equity share) for the financial year 2018-19.
Net profit of Selan Explorations Technology rose 202.38% to Rs 13.97 crore on 43.12% rise in net sales to Rs 24.56 crore in Q2 September 2018 over Q2 September 2017.
Selan Exploration Technology is engaged in oil exploration and production.
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