Gujarat Apollo surges 5% as board considers buyback

NEW DELHI: Shares of Gujarat Apollo Industries jumped over 5 per cent in Tuesday’s trade after the company said its board will consider share buyback on Thursday.

In a filing to BSE, the company said: “The board of directors of Gujarat Apollo Industries will be held on Thursday at 4 pm, at Ahmedabad Corporate Office, to evaluate the proposal for buyback of equity shares of the company.”

“Further, in accordance with code of conduct for prevention of insider trading framed by the company pursuant to the Sebi (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the securities of the company will be closed for all directors, officers, its subsidiary company, designated employees and their immediate relatives from April 11, 2017 to April 14,” the company said.

Following the announcement, which was made after market hours on Monday, the stock rose 5.32 per cent to hit a high of Rs 168. The stock hit a 52-week high of Rs 180.60 on February 9 and low of Rs 118 on May 16, 2016.

The company reported a net profit of Rs 0.65 crore in the December quarter, compared with a net loss of Rs 0.86 crore the same quarter last year. Net sales dropped 28 per cent to Rs 12.51 crore in the December quarter on year-on-year basis.