HPCL Shares Surge over 5 Percent After Firm’s Buyback Plan

The surge comes after the company’s statement that it is mulling to buy back its share on November 4 when the board of directors will meet to review the financial results for the July-September quarter and April-September half year of the fiscal year 2020-21. The company has said that the board will consider a proposal to buy back the fully paid equity shares of the company of the face value of Rs 10 each.

In the month of June and July when it was trading at Rs 240, the firm faced a stern resistance in the market leading it to a path of gradual decline. The downward trend continued till the second week of October as its share prices plummeted. It then attained some stability in the range of Rs 160 to Rs 165 and has finally started to gain ground. The buyback plan of the company has amplified the growth trend, which is likely to continue in the near future.