Allcargo Logistics soars on share buyback plans
Allacargo Logistics is trading firm up 7% at Rs 135 in otherwise weak market, on announcing buyback of its own equity shares from the public shareholders.
“The board of directors of logistics firm is schedule to meet on Wednesday, June 20, to consider and approve a proposal for buy back of the company's equity shares in accordance with all applicable provisions of law," the company said in a filing to the stock exchanges.
The stock hit two-and-half year low at Rs 109 in last week, has fallen 38% from its 52-week high touched in August 2011.
The promoters hold 69.81% stake in the company. Foreign institutional investors (11.18%) and foreign corporate bodies (13.20%) have collectively holds 24.38% stake in the company, followed by individual shareholders (2.21%) and bodies corporate (2.48%) as on March 31.
The stock opened at Rs 133 and hit a high of Rs 143 on the Bombay Stock Exchange. As many as a combined 76,617 shares have already changed hands on the counter till noon deals, against an average sub 50,000 shares that were traded daily in past two weeks.