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KIOCL gains 11% as board mulls share buyback proposal

The stock moved higher by 11% to Rs 195 on the BSE after the state-owned company announced that its board will meet on Tuesday, September 18, 2018, to consider share buyback proposal.

SI Reporter  |  Mumbai 

Share prices get boost after buyback

Shares of have moved higher by 11% to Rs 195 per share on the after the state-owned company announced that its board will meet on Tuesday, September 18, 2018, to consider proposal. The stock bounced back 16% from its intra-day low of Rs 168 touched in early morning deal.

“The meeting of the board of directors of the Company is scheduled on 18/09/2018, to consider and approve buy-back of equity shares of the Company of face value of Rs 10 each, including matters related / incidental thereto and any other matter as the board of the directors may decide during the course of the meeting,” said in a regulatory filing.

The government of India owns 99% stake in iron & steel/intermediates products company. The remaining 1% stake with insurance companies (0.43%) and individual shareholders (0.31%), the shareholding pattern data shows.

The stock hit a 52-week low of Rs 151 on August 1, 2018, falling 70% from its 52-week high touched on November 14, 2017, on the in intra-day trade.

At 03:02 pm; was trading 8% higher at Rs 190 as compared to 0.65% rise in the S&P Sensex. The trading volumes on the counter jumped multiple-fold with a combined 185,497 equity shares changed hands on the and BSE so far.


First Published: Wed, September 12 2018. 15:05 IST
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