L&T stocks jump over 6% on share buyback proposal

Shares of Larsen & Toubro today surged more than 6 per cent in morning trade on the bourses after the company said its board will meet on August 23 to consider a proposal for buyback of equity shares.

In a regulatory filing on August 18, the company had said that "the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on Thursday, August 23, 2018".

Following the announcement, the shares of the company opened on a bullish note at Rs 1,300 then surged further and touched a high of Rs 1,319.65, up 6.39 per cent, over its previous closing price.

Similar movement was seen on NSE as well, where the stock opened at Rs 1,300, then touched a high of Rs 1,319.95, up 6.43 per cent over its last close.

Meanwhile, as per the company's internal Code for Prevention of Insider Trading, "the trading window for dealing in the securities of the company will be closed for the company's directors/officers and designated employees of the company from Monday, August 20 2018, till Friday, August 24 2018, (both days inclusive)", the filing added.