GAIL stock rises 6% as firm to consider buyback of shares
GAIL India stock touched an intraday high of Rs 143.5, rising 5.75% against previous close of Rs 135.70
- Jan 12, 2021,
- Updated Jan 12, 2021 5:29 PM IST
GAIL India stock rose nearly 6% in early trade today after the firm said its board will consider buyback of shares on Friday with a view to returning surplus cash to shareholders. The government is the biggest shareholder in the energy firm with 52.11% stake.
GAIL stock has risen 6.82% in the last 2 days.
The large cap stock opened with a gain of 4.2% at Rs 141.40. The stock touched an intraday high of Rs 143.5, rising 5.75% against previous close of Rs 135.70.
GAIL (India) share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has gained 13% in one year and risen 14.84% since the beginning of this year.
In a month, the stock has gained 12.51%.
The company said its board will meet on January 15 to consider share buyback as also payment of interim dividend for the fiscal year ending March 2021.
Why Tata Motors share rose 10% in early trade today
Companies buy back shares for a number of reasons, such as to increase the value of remaining shares available by reducing the supply or to return surplus cash to shareholders. The government wants public sector undertakings to either meet their targets for capital expenditure or "reward the shareholder in the form of a dividend" or share buyback.
GAIL India stock rose nearly 6% in early trade today after the firm said its board will consider buyback of shares on Friday with a view to returning surplus cash to shareholders. The government is the biggest shareholder in the energy firm with 52.11% stake.
GAIL stock has risen 6.82% in the last 2 days.
The large cap stock opened with a gain of 4.2% at Rs 141.40. The stock touched an intraday high of Rs 143.5, rising 5.75% against previous close of Rs 135.70.
GAIL (India) share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has gained 13% in one year and risen 14.84% since the beginning of this year.
In a month, the stock has gained 12.51%.
The company said its board will meet on January 15 to consider share buyback as also payment of interim dividend for the fiscal year ending March 2021.
Why Tata Motors share rose 10% in early trade today
Companies buy back shares for a number of reasons, such as to increase the value of remaining shares available by reducing the supply or to return surplus cash to shareholders. The government wants public sector undertakings to either meet their targets for capital expenditure or "reward the shareholder in the form of a dividend" or share buyback.