Gujarat Apollo Industries leaps 7% on buyback approval

Gujarat Apollo Industries stock leaped 7% on an intraday basis on Monday as the company announced that the board of directors have approved buyback of its shares.

Apr 17, 2017 12:04 IST India Infoline News Service

Bull Running Up
Gujarat Apollo Industries stock leaped 7% on an intraday basis on Monday as the company announced that the board of directors have approved buyback of its shares.
 
The company's board approved buyback of its equity shares upto Rs 24 crore at maximum price of Rs 189 per share from its shareholders.
 
The said buyback is expected to reduce outstanding number of equity shares and consequently increase earnings per share over a period of time.
 
The stock has delivered nearly 40% in a period of one year, outperforming the BSE Small Cap and BSE Capital Goods indices over the same time period.
 
Gujarat Apollo Industries Limited is an India-based company engaged in the manufacture of machinery for mining, quarrying and construction. The company offers construction equipment and maintenance machineries. It is focused on the crushing and screening equipment business.

Stock view:-
 
Gujarat Apollo Industries Ltd is currently trading at Rs 172.6, up by Rs 5.65 or 3.38% from its previous closing of Rs 166.95 on the BSE.
 
The scrip opened at Rs 174 and has touched a high and low of Rs 178.8 and Rs 171.3 respectively. So far 145439(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 228.05 crore.
 
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 180.6 on 09-Feb-2017 and a 52 week low of Rs 118 on 16-May-2016. Last one week high and low of the scrip stood at Rs 174 and Rs 151.6 respectively.
 
The promoters holding in the company stood at 60.43 % while Institutions and Non-Institutions held 0.75 % and 38.81 % respectively.
 
The stock is currently trading above its 50 DMA.

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