Essel Propack props up after equity buyback nod

DALAL STREET SPIKES

The Essel Propack scrip was up 3 per cent to Rs 371.35 as compared with its previous close of Rs 360.75. Around 1.10 lakh shares were traded on the BSE on Tuesday.

The price of the stock rose after the company's board approved a buy-back of shares at upto Rs 390 per share, for a total value of Rs 57.50 crore.

Essel is the world's largest manufacturer of laminated tubes and is also the largest speciality packaging company.

In May 2005,the company announced an investment plan of $15 million for its manufacturing facility in the US.