Indiabulls Securities up 3% on share buyback

MUMBAI: Shares of Indiabulls Securities were up Tuesday after the company said it would buy back shares from the open market at a price of up to Rs 33. The company said it would buy back shares worth Rs 83.18 crore.

The company, in which LN Mittal holds a stake, joins the long list of companies which have announced share buyback plans amid the sharp fall in the market.

Buyback of shares is a signal by a company to investors that its shares are worth at least the price at which the stock is being repurchased. Brokers, however, remain negative on the Indiabulls Securities stock as the company's business prospects remain dull because of the slowdown in equity markets.

At 10:05 am, Indiabulls shares were up 3% at Rs 22.40.