 "KIOCL gains 11% as board mulls share buyback proposal")
Shares of KIOCL have moved higher by 11% to Rs 195 per share on the BSE after the state-owned company announced that its board will meet on Tuesday, September 18, 2018, to consider share buyback proposal. The stock bounced back 16% from its intra-day low of Rs 168 touched in early morning deal.
“The meeting of the board of directors of the Company is scheduled on 18/09/2018, to consider and approve buy-back of equity shares of the Company of face value of Rs 10 each, including matters related / incidental thereto and any other matter as the board of the directors may decide during the course of the meeting,” KIOCL said in a regulatory filing.
The government of India owns 99% stake in iron & steel/intermediates products company. The remaining 1% stake with insurance companies (0.43%) and individual shareholders (0.31%), the shareholding pattern data shows.
The stock hit a 52-week low of Rs 151 on August 1, 2018, falling 70% from its 52-week high touched on November 14, 2017, on the BSE in intra-day trade.
At 03:02 pm; KIOCL was trading 8% higher at Rs 190 as compared to 0.65% rise in the S&P BSE Sensex. The trading volumes on the counter jumped multiple-fold with a combined 185,497 equity shares changed hands on the NSE and BSE so far.
“The meeting of the board of directors of the Company is scheduled on 18/09/2018, to consider and approve buy-back of equity shares of the Company of face value of Rs 10 each, including matters related / incidental thereto and any other matter as the board of the directors may decide during the course of the meeting,” KIOCL said in a regulatory filing.
The government of India owns 99% stake in iron & steel/intermediates products company. The remaining 1% stake with insurance companies (0.43%) and individual shareholders (0.31%), the shareholding pattern data shows.
The stock hit a 52-week low of Rs 151 on August 1, 2018, falling 70% from its 52-week high touched on November 14, 2017, on the BSE in intra-day trade.
At 03:02 pm; KIOCL was trading 8% higher at Rs 190 as compared to 0.65% rise in the S&P BSE Sensex. The trading volumes on the counter jumped multiple-fold with a combined 185,497 equity shares changed hands on the NSE and BSE so far.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%