Equity buyback plan buoys Mangalam Cement

DALAL STREET SPIKES

Mangalam Cement rose 4.26 per cent to end the day at Rs 47.75 after the company announced that its board would meet on November 22 to consider a buyback of equity shares. The stock touched an intraday high of Rs 50.80 and a low of Rs 44.80.

The counter generated trading volumes of 14,257 shares vis-à-vis its two-week average of 22,243 shares. The stock hit a 52-week high of Rs 206.90 (December 4, 2007) and a low of Rs 38.15 (October 27, 2008). The scrip is down by 4.5 per cent in the last one week.