GAIL India stock surges 4% on share buyback plan
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Loading... - Manasvi Reddy
- 28 Mar 2022
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GAIL India stock surged nearly 4 per cent in early trade after the state-owned gas utility said its board would consider buyback of shares on March 31, 2022. GAIL India shares opened with a gain of 2.95 per cent at Rs 152 against the previous close of Rs 147.65 on BSE.
The stock touched an intraday high of Rs 153, rising 3.62 per cent on BSE. GAIL (India) stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 15 per cent in one year and risen 17.38 per cent since the beginning of this year.
A total of 4.06 lakh shares of the firm changed hands, amounting to a turnover of Rs 6.15 crore. Market cap of the firm rose to Rs 67,338 crore on BSE.
On October 6 last year, the stock hit an all-time high of Rs 171.35 and a 52-week low of Rs 125.20 on December 20, 2021.
On March 31, the company will also approve financial results for the fourth quarter of the current financial year on the same day.
"Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, notice is hereby given that the meeting of board of directors of the company will be held on Thursday, 31st March, 2022, to inter alia consider buyback of the fully paid-up equity shares of the company," the company said in a regulatory filing.
Share buyback refers to the repurchasing of shares by the company that issued them. A buyback occurs when the issuing company pays shareholders the market value per share and re-absorbs that portion of its ownership that was previously distributed among public and private investors. Read More...
