Gandhi Special hits a new life time high

Gandhi Special Tube hit a new life time high today at Rs.405, with volumes surging almost 6.5 times. The reason – at the Board meeting held yesterday, the company announced buy back of shares at a price of Rs.500/share, which is at a premium of 44% over yesterday’s close of Rs.347.70. The company aims to buy back up to 8.80 lakh equity shares of Rs.5 aggregating up to 5.99% of the equity share capital. Promoters currently hold 73.27% sake.