/ Gujarat Apollo Industries Leaps 7% On Buyback Approval ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Monday, 17 April 2017

Gujarat Apollo Industries stock leaped 7% on an intraday basis on Monday as the company announced that the board of directors have approved buyback of its shares.

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.

The stock has delivered nearly 40% in a period of one year, outperforming the BSE Small Cap and BSE Capital Goods indices over the same time period.

Gujarat Apollo Industries Limited is an India-based company engaged in the manufacture of machinery for mining, quarrying and construction. The company offers construction equipment and maintenance machineries. It is focused on the crushing and screening equipment business.

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