Gujarat Apollo approves buyback of shares

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Market Update, Stock News, Stocks of Gujarat Apollo Industries Limited  leaped 7% on an intraday basis today, 17 March 2017, after the company approved buyback of its shares. The company approved buyback of its equity shares upto Rs 24.00 crore at maximum price of Rs. 189 share apiece, from its shareholders. The buyback is expected to decrease the outstanding number of equity shares and effectively increase EPS (earnings per share) over a period of time.

Gujarat Apollo Industries Ltd is trading today by noon at Rs 172.6, up by Rs 5.65 from its previous closing of Rs 166.95 on the BSE. The scrip opened at Rs. 174 touching a high of Rs 178.8 and low of Rs 171.3. In both NSE and BSE 1,45,439 shares were traded on the counter.

 The promoters holding AT the company held at 60.43 per cent, whereas Institutions held 0.75 % and non Institutions held 38.81 per cent.

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