HSIL hits 52-week high in a weak market after board approves buyback plan

The stock rallied 9% to Rs 78 in the intra-day trade after its board approved buyback of shares at Rs 105 per share via open market

Shares of HSIL hit a fresh 52-week high of Rs 78, up 9 per cent on the BSE, in the early morning deals on Tuesday after its board approved buyback of shares at Rs 105 per share for an aggregate amount of Rs 70 crore via open market.

"At the maximum buyback price and for maximum buyback offer size, the indicative maximum number of equity shares to be bought back would be 6.67 million equity shares which are 9.22 per cent of the total number of equity shares of the Company," HSIL said in exchange filing. READ HERE

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