JK Lakshmi Cement shares at 1-year high on buyback proposal

MUMBAI: Shares of JK Lakshmi Cement surged by nearly 20 per cent to a 52-week high on the National Stock Exchange in morning trade today after the company announced plans for buyback of equity shares.

Buoyed by the news, shares of the company opened on a robust note and gained further 19.79 per cent to touch the 52-week high of Rs 57.80 on the NSE.

On the BSE, JK Lakshmi advanced by 13.63 per cent to a high of Rs 55.

The company, in a regulatory filing issued to the stock exchanges after market hours yesterday, said, "The Board of Directors of the company will meet on February 7, 2012, to approve and take on record the unaudited financial results for the Q3 ended December 31, 2011."

Further, the company also said that the Directors may also consider and approve a proposal for buyback of the company's equity shares.

The rally in the stock largely outperformed the sluggish broader market, where the BSE benchmark Sensex was trading 15.88 points down at 17,415.97 at 1047 hrs.