Shares of Sun Pharma gained on Friday after announcing that the company will consider share buyback at its board meeting on 17 March. Breaking its 5-day losing streak, the pharma company was among the top gainers on Nifty.
The stock rose 13 percent to an intraday high of Rs 401.50.
In a stock exchange filing, Sun Pharma said that a proposal for buy-back of fully paid-up equity shares including maximum amount, the maximum number of equity shares, mode of buy-back and other matters will be discussed at the board meeting in adherence with SEBI rules.
"In this connection, as per the Company's code of conduct for prevention of insider trading, the trading window for dealing or trading in securities of the Company will remain closed with immediate effect for all directors, designated persons and insiders and shall re-open after the expiry of 48 hours after the conclusion of the aforesaid Board Meeting," it added.