has surged 13% to Rs 193 on the BSE after the company announced a share buyback proposal.
“A meeting of the board of directors of the company will be held on March 28, 2016, to consider the proposal for buyback of fully paid equity shares of the company,” Excel Industries said in a statement.
As per December shareholding pattern, public shareholders held 48.98% stake in the company, while the promoters hold 51.02%.
Buyback involves purchase of outstanding public shares by a firm in order to reduce the number of shares in the market.
Thus far in 2016, the stock of speciality chemicals manufacturer underperformed the market by falling 29% as compared to 3% decline in S&P BSE Sensex till yesterday. Excel Industries hit a 52-week low of Rs 140 on February 12, 2016 in intra-day trade.
At 11:10 AM, the stock was up 10% at Rs 189 on the BSE as compared to 0.16% decline on the S&P BSE Sensex.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.