Maharashtra Seamless rises ahead of board meet for share buyback
Before the share buyback announcement on April 3, the stock had underperformed the market by falling 25% in 2013 compared to 4% drop in benchmark Nifty.
Maharashtra Seamless is trading higher by around 3% at Rs 211 ahead of the board meeting today to consider the share buyback proposal.
The stock opened at Rs 211 and touched high of Rs 215 on NSE. A combined 7,700 shares have changed hands on the counter so far on NSE and BSE.
“The board of directors of the company will meet on April 08, 2013 to consider a proposal for buy-back of equity shares of the company,” Maharashtra Seamless said in a BSE filing. As on December 2012, the promoters held 55.48% stake in the construction and engineering company.
Meanwhile, the stock had underperformed the market by falling 25% so far in the current calendar year 2013 before the share buyback announcement on April 3, compared to 4% drop in benchmark Nifty.
The stock opened at Rs 211 and touched high of Rs 215 on NSE. A combined 7,700 shares have changed hands on the counter so far on NSE and BSE.
“The board of directors of the company will meet on April 08, 2013 to consider a proposal for buy-back of equity shares of the company,” Maharashtra Seamless said in a BSE filing. As on December 2012, the promoters held 55.48% stake in the construction and engineering company.
Meanwhile, the stock had underperformed the market by falling 25% so far in the current calendar year 2013 before the share buyback announcement on April 3, compared to 4% drop in benchmark Nifty.