Abbott logs gains on buyback plan

DALAL STREET SPIKES

Abbott India gained 6.44 per cent on Friday to close at Rs 578.15. Earlier, the stock had touched a high of Rs 610. Nearly 1.5 lakh shares were traded on the BSE.

The stock has shot up 38 per cent over the past month. The recent surge comes on the back of the company's plan for a buyback of shares.

The company's board has approved a proposal for buyback of shares by using Rs 52.5 crore. The company posted a decline in net profit by 10 per cent to Rs 13.59 crore for the second quarter from Rs 15.04 crore in corresponding previous quarter. Net sales during the same period rose 14 per cent to Rs 129.66 crore.