Buyback plan boosts Ipca Laboratories

DALAL STREET SPIKES

Ipca Laboratories spurted 7 per cent to close the day at Rs 427.95 after the company’s board approved a buyback of shares from the open market at a maximum price of Rs 600 apiece.

The buyback has been capped at a maximum amount of Rs 60 crore, representing less than 10 per cent of the company's net worth. The stock hit an intraday high of Rs 463 and a low of Rs 410.

Trading volumes also rose 2.7 times over its two-week average to 69,441 shares. The scrip is up by 29 per cent over its 52-week low of Rs 331 on October 29.