Shares of Bosch Ltd rallied over 5 per cent on the Bombay Stock Exchange (BSE) after the company announced that its board will meet on Friday to consider buyback of equity shares.
In a filing to the Bombay Stock Exchange, the company said, "A meeting of the Board of Directors of the company will be held on July 01, 2016, to consider a proposal for buyback of the company's equity shares."
Cheering the news, shares of the company gained 5.07 per cent in intra-day trade to Rs 22,617 apiece on Bombay Stock Exchange at 11:03 hours.
In a similar fashion, stocks of the company surged 4.94 per cent to Rs 22,586.20 apiece, or 1,062.80 points, on National Stock Exchange at 11:07 hours.
Meanwhile, the broader benchmark BSE Sensex was trading at 26,641.45, up 0.46 per cent, or 120.76 points, at 11:07 hours.