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GE Shipping share price rises over 3% after firm announces closure of share buyback

GE Shipping share price gained up to 3.12% to Rs 308.60 against the previous close of Rs 299.25 on BSE

twitter-logo BusinessToday.In        Last Updated: November 21, 2019  | 14:29 IST
GE Shipping share price rises over 3% after firm announces closure of share buyback
GE Shipping share opened with a gain of 2.77% at Rs 307.55 on BSE

GE Shipping share price rose in trade today after the firm announced closure of its share buyback on November 20. GE Shipping share price gained up to 3.12% to Rs 308.60 against the previous close of Rs 299.25 on BSE. The company's board had cleared buyback of shares on June 1 this year.

The buyback started on June 14. On Wednesday, the firm announced it has bought back 38.10 lakh shares of the firm at an average market price of Rs 261.60 per share. The total amount utilised during the buyback was Rs 9.99 crore, the firm said. The small cap stock has gained 1.82% in last two days.

The stock opened with a gain of 2.77% at Rs 307.55 on BSE. It has gained 6.38% in last one year but lost 5% since the beginning of this year. The share touched its 52-week high Rs 353.00 and 52-week low Rs 212.20 on 19 December, 2018 and 06 August, 2019, respectively.

The Great Eastern Shipping Company is engaged in the business of providing shipping services. The company's segments include shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities. The offshore business services to the oil companies in carrying out offshore exploration and production activities.

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