India Infoline up on buyback approval

DALAL STREET SPIKES

India Infoline rose by 2.65 per cent to close at Rs 36.85, after its board approved the buyback of its shares at a maximum price of Rs 43.2. The buyback amount of Rs 98.9 crore will be 10 per cent of the paid up capital and reserves of the company.

The stock opened 3.1 per cent higher at Rs 37 and made an intraday high/low of Rs 38.50/Rs 36.50. Total quantity traded in the counter was 2,40,967 shares (about half its two-week average). The scrip has corrected by 90 per cent from its 52-week high of Rs 395 made on January 1, 2008.