Pidilite Inds spurts on buyback plan

Pidilite Industries rose 4.01% to Rs 924.80 at 9:27 IST on BSE after the company said that its board will meet on 26 December 2017, to consider the proposal to buyback the fully paid-up equity shares of the company.

The announcement was made after market hours yesterday, 20 December 2017.

Meanwhile, the S&P BSE Sensex was up 53.53 points, or 0.16% to 33,830.91.

On the BSE, 30,000 shares were traded in the counter so far, compared with average daily volumes of 90,000 shares in the past two weeks. The stock had hit a high of Rs 923.70 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 910.20 so far during the day. The stock hit a 52-week low of Rs 568.75 on 26 December 2016.

On a consolidated basis, Pidilite Industries' net profit rose 9.4% to Rs 252.92 crore on 7.9% increase in net sales to Rs 1529.87 crore in Q2 September 2017 over Q2 September 2016.

Pidilite Industries is a leading manufacturer of adhesives, sealants, waterproofing solutions and construction chemicals to arts & crafts, industrial resins, polymers, etc.

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