Thomas Cook is hogging all the limelight today morning. The stock which had closed yesterday at Rs.41.10, opened today at Rs.44, going on to hit its 20% UC at Rs.49.30. Its 52-week high is at Rs.118.20.
The stock hit the roof after the company announced today morning that its Board is scheduled to meet on 26th Feb to consider and approve the proposal for buyback of equity shares of the company.
A buyback always pushes up the share price as there is expectation that the price would be lucrative enough to tender in the shares and it also means that the public float will come down to that extent.
Currently, promoters hold 65.60% stake and non-institutional holding is at 14.61%. FIIs have a 3.08% stake and mutual funds at 13.40%.