Mangalam cement up 4.42% on buyback news

Shares of Mangalam cement surged 4.42% to Rs 48.4 on the BSE on news that the board is planing to consider buyback of shares in the next board meeting on Jan 17.

By Jigar Pathak, ET Online | Jan 09, 2009, 11.06 AM IST

MUMBAI: Shares of Mangalam cement surged 4.42% to Rs 48.4 on the BSE on news that the board is planing to consider buyback of shares in the next board meeting on Jan 17.

Mangalam joins a large list of companies who intend to buy back shares from minority shareholders in the wake of the recent fall in the stock prices. Buyback of shares by the promoters is a hint from the company that the price at which shares are being bought back is cheap.

Not making enough money in stocks? Click here for real-life stories of successful investors.

Too busy to trade in stocks? Invest in Mutual Funds with ET Money!