IEX surged over 9% to Rs.171, which is not too far from its 52-week high of Rs.178. Its UC is at 20% at Rs.187.95.
The stock price jumped on company’s announcement that its Board will meet on 20th Dec to consider the proposal for buyback of the equity shares of the company.
IEX got listed on the bourses on 30th Oct 2017 and its IPO price was at Rs.165, which is adjusted to stock split from Rs 10 to Re 1.
For all practical purposes, the buyback seems to be mainly for reducing he supply of floating stock, which in turn will help it arrest the fall in the stock price.