It's a time for buyback of shares and select stocks are soaring. Several companies like TCS, Wipro, Majesco, RITES have announced buyback of shares resulting in sharp gains in their share price.
Rane Brake Lining shares have jumped 18 per cent in trade today and hit a high of Rs 694, after the company announced a board meeting for considering rights issue of shares.
Rane Brake Lining informed the exchanges that meeting of the Board of Directors of the Company is rescheduled on Oct 15,inter alia, to consider and approve a buyback of shares.
The company now joins scores of other companies in considering a buyback of shares. Rane Break Linings is an Automotive Products player and manufactures Brake linings, disc pads and clutch facings. Apart from this the company is engaged in the manufacture of composite brake blocks for the railways and organic pads for trainer aircraft.
The stock had hit a 52-week high in the month of November 2019 of Rs 785 and is currently trading at Rs 667. The stock has had a 52-week low of Rs 288, which it hit in the month of March, when the markets collapsed due to Covid-19 infections.
Most stocks from the automotive sector have gained following a systematic unlocking of the lockdown.