Gandhi Special Tubes gallops on share buyback plan

Gandhi Special Tubes jumped 18.05% to Rs 365.25 at 15:18 IST on BSE after the company said that a meeting of the board of directors will be held on 18 December 2017 to consider buyback of the equity shares of the company.

The announcement was made during market hours today, 11 December 2017.

Meanwhile, the S&P BSE Sensex was up 199.52 points or 0.6% at 33,449.82. The S&P BSE Small-Cap index was up 35.48 points or 0.19% at 18,247.36.

On the BSE, 70,000 shares were traded on the counter so far as against the average daily volumes of 1,754 shares in the past one quarter. The stock had hit a high of Rs 371.25 and a low of Rs 315 so far during the day. The stock had hit a record high of Rs 373.90 on 13 October 2017 and a 52-week low of Rs 280 on 11 August 2017.

The stock had outperformed the market over the past one month till 4 September 2017, falling 1.07% compared with the Sensex's 1.93% fall. The stock, however, underperformed the market over the past one quarter, declining 5.81% as against the Sensex's 1.37% rise. The scrip had also underperformed the market over the past one year, rising 6.69% as against the Sensex's 11.11% rise.

The small-cap company has equity capital of Rs 7.35 crore. Face value per share is Rs 5.

Gandhi Special Tubes' net profit rose 13.89% to Rs 8.69 crore on 8.61% growth in net sales to Rs 29.78 crore in Q2 September 2017 over Q2 September 2016.

Gandhi Special Tubes is engaged in manufacturing and marketing of seamless and welded steel tubes.

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