1. NMDC shares gain over 5% on buyback plan

NMDC shares gain over 5% on buyback plan

NMDC shares gained as much as 5.26 per cent on Friday after the company informed bourses that the board of directors will meet on June 7 to consider a proposal to buyback company's shares.

By: | New Delhi | Updated: June 3, 2016 5:06 PM
nmdc shares bse sensex NMDC shares gained as much as 5.26 per cent on Friday after the company informed bourses that the board of directors will meet on June 7 to consider a proposal to buyback company’s shares.(Photo: Reuters)

NMDC shares gained as much as 5.26 per cent on Friday after the company informed bourses that the board of directors will meet on June 7 to consider a proposal to buyback company’s shares.

At 3.06 pm, shares of the company were trading 4.11 per cent up at Rs 90. The scrip opened at Rs 90.25 and has touched a high and low of Rs 91 and Rs 88.80, respectively, in trade so far. Later, the share of the company ended 4.16 per cent up at Rs 90.05.

In a BSE filing, the company said, “A meeting of the Board of Directors of the company will be held on June 7, 2016, inter alia, to consider the proposal for buyback of the fully paid-up equity shares of the company of face value of Re 1 each.”

The state-run firm, however, did not elaborate upon the number of shares it is planning to buyback.

Government held 80 per cent stake in the country’s largest iron ore miner, as of March 2016.

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