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L&T gains 5% as board mulls share buyback proposal

The stock rallied 5% to Rs 1,305 on the BSE in opening trade after L&T on Saturday said its board would consider a proposal for buyback of equity shares on Thursday, August 23, 2018.

A sign of Larsen and Toubro (L&T) is placed on a road divider in Mumbai
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A sign of Larsen and Toubro (L&T) is placed on a road divider in Mumbai

SI Reporter Mumbai
Shares of Larsen & Toubro (L&T) rallied 5% to Rs 1,305 on the BSE in opening trade after engineering conglomerate on Saturday said its board would consider a proposal for buyback of equity shares on Thursday, August 23, 2018. If approved, this would be the first-ever buyback by L&T.

"The board of directors will consider a proposal for buyback of equity shares at its meeting on Thursday, August 23, 2018" L&T said in a notice to stock exchanges on Saturday. The company is holding its annual general meeting on Thursday.

The primary objective of a share buyback programme