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Star Cement surges 13% as board mulls share buyback

In the past one year, the stock has underperformed the market by falling 5 per cent, as compared to a 10 per cent rise in the S&P BSE Sensex till Monday.

SI Reporter  |  Mumbai 

cement stocks

Shares of rallied 13 per cent to Rs 132 on the in the intra-day trade on Tuesday after the company announced its board will meet on Friday, June 21, to consider share buyback proposal.

“The meeting of the board of directors of the Company is scheduled on 21/06/2019, to consider and approve a proposal for buy-back of the Company's equity shares, constitution of buy- back committee and appointment of intermediaries in accordance with applicable provisions of laws,” said in a regulatory filing.

In the past one year, the stock has underperformed the by falling 5 per cent, as compared to a 10 per cent rise in the S&P till Monday. However, in the past two months, it has outperformed the by gaining 8 per cent, against a 0.5 per cent decline in the benchmark index till yesterday.

As of March 2019, the promoters held 67.99 per cent stake in Individual shareholders held 17.24 per cent holding, followed by mutual funds (8.7 per cent) and bodies corporate (3.58 per cent).

First Published: Tue, June 18 2019. 12:59 IST
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