Jindal Polyfilms rallies on buyback plans

Jindal Polyfilms has moved higher by more than 8% at Rs 250 after the company announced buyback of its own equity shares.

“The board of directors of the company will meet on August 12 to discuss a proposal for buyback of equity shares," the company said in a filing to the stock exchanges.

The board will also consider and approve un-audited financial results for the quarter ended June 30, 2011.

The promoters held 67.37% stake in the company, individual shareholders had a stake of 10.76%, followed by bodies corporate (10.5%) and institutional investors (7.06%) at the end of June 30, 2011 quarter.

The stock opened at Rs 220 and hit a high of Rs 251 post the buyback announcement on NSE. A combined 862,620 shares have changed hands on the counter till 1254 hours.