UPL rose 1.55% to Rs 196.10 at 12:30 IST on BSE after the company said its board approved the proposed buyback of equity shares.
The announcement was made during trading hours today, 30 December 2013.
Meanwhile, the BSE Sensex was down 4.05 points, or 0.02%, to 21,189.53.
On BSE, so far 3.69 lakh shares were traded in the counter, compared with an average volume of 2.42 lakh shares in the past one quarter.
The stock hit a high of Rs 198.40 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 192.15 so far during the day. The stock hit a 52-week low of Rs 113.30 on 1 April 2013.
The stock had outperformed the market over the past one month till 27 December 2013, rising 15.37% compared with the Sensex's 3.79% rise. The scrip had also outperformed the market in past one quarter, rising 35.52% as against Sensex's 7.43% rise.
The mid-cap company has an equity capital of Rs 88.52 crore. Face value per share is Rs 2.
UPL announced that its board approved the buyback of upto 1.40 crore equity shares of the company at a maximum price of Rs 220 per share, upto an aggregate amount not exceeding Rs 308 crore, from the open market through stock exchanges.
The maximum buyback price of Rs 220 per share is 12.19% premium to the ruling market price.
UPL's consolidated net profit surged 29.1% to Rs 154.63 crore on 25.9% growth in net sales to Rs 2269.22 crore in Q2 September 2013 over Q2 September 2012.
UPL is a global generic crop protection, chemicals and seeds company.
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