Gujaral Apollo Inds climbs as board considers buyback proposal

NEW DELHI: Shares of Gujarat Apollo Industries closed 4 per cent higher at Rs 137.90 in Tuesday's trade after the company’s board decided to consider a share buyback proposal when it announces September quarter earnings on November 5. The stock jumped 6.33 per cent to hit a high of Rs 141 on BSE.

The scrip had been seeing some buying momentum in the past few days. It advanced in eight out of 10 sessions to Tuesday.

Data available on the BSE website showed there is no institutional investor in the company. As of September 30, promoters owned 53.30 per cent stake in the company, while the rest was held by ‘others’.

“Further, in accordance with the code of conduct for prevention of insider trading framed by the company in pursuant of the Sebi (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the company’s securities will be closed for all directors, officers, subsidiary companies and designated employees from October 27 to November 05," the company informed stock exchanges.

The scrip has risen 19 per cent in the past one year.