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    HomeNewsBusinessStocksGujarat Apollo Industries rises 7% on buyback approval

    Gujarat Apollo Industries rises 7% on buyback approval

    The company's board approved buyback of its equity shares upto Rs 24 crore at maximum price of Rs 189 per share from its shareholders.

    April 17, 2017 / 11:28 IST
    General Electric employee Jim Jones assembles a GE90 engine at the GE Aviation Peebles Test Operations Facility in Peebles, Ohio, November 15, 2013. U.S. conglomerate General Electric Co posted a slightly better-than-expected rise in revenue on Friday propelled by its businesses selling oil pumps and jet engines, and said its order backlog again swelled to a record. Picture taken November 15, 2013. REUTERS/Matt Sullivan (UNITED STATES - Tags: SCIENCE TECHNOLOGY TRANSPORT BUSINESS) - RTX17I8M
       
       
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      Shares of Gujarat Apollo Industries rose 7 percent intraday Monday on approval of buyback of its shares by board of directors.

      The company's board approved buyback of its equity shares upto Rs 24 crore at maximum price of Rs 189 per share from its shareholders.

      The said buyback is expected to reduce outstanding number of equity shares and consequently increase earnings per share over a period of time.

      At 11:20 hrs Gujarat Apollo Industries was quoting at Rs 174.00, up Rs 7.05, or 4.22 percent on the BSE.

      Posted by Rakesh Patil

      first published: Apr 17, 2017 11:28 am

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