Bharat Heavy Electricals Limited on Thursday will consider share buyback and on its reports, the share price of the public sector undertaking has jumped 2%. The stock after reaching an intra-day's high of Rs. 76 on the BSE was last seen trading at Rs. 75, up by 1.69%.
The surge in the stock has come even as the broader market outlook is muted. The Sensex is trading down by 0.45% at 33980.45 while Nifty is down by 0.59%. However, the recovery is seen from opening lows today in trade.
In a BSE filing, the company informed the stock exchanges that its board of directors will consider and approve a proposal to buyback fully paid-up equity shares on Thursday, October 25, 2018.
As on March 31, 2018, BHEL had Rs2,769cr of cash & cash equivalent on its books. The Government of India holds 63.06%, while Life Insurance Corporation (LIC) holds 9.42% in the company for the same period.
On the same day, Bhel is said to report its second quarterly earnings from July-September.
At 11:54 pm, Bhel stock jumped 1.49% or was quoting at Rs. 74.85 on the BSE while on the NSE, the stock traded at Rs. 74.75.