Jindal Poly Films jumped 5.02% to Rs 250 at 10:44 IST on BSE after the company said its board has approved buyback of equity shares of the company from open market at a price not exceeding Rs 350 per share.
The company made this announcement after trading hours on Monday, 14 July 2008.
The stock hit a high of Rs 255 and a low of Rs 244 so far during the day. The stock had a 52-week high of Rs 349 on 3 January 2008 and a 52-week low of Rs 150 on 30 July 2007.
The company has an equity capital of Rs 28.09 crore. Face value per share is Rs 10.
The current price of Rs 250 discounts its Q4 March 2008 annualised EPS of Rs 38.26, by a PE multiple of 6.53.
The company has set aside a maximum Rs 150 crore for buyback. It will buy back a maximum 70.23 lakh shares. The public shareholding in the company will be 26.4% if the company buys back all the shares under the buyback programme.
Jindal Poly Films’ net profit rose 19.2% 26.88 crore on 5.2% increase in net sales to Rs 332.68 crore in Q4 March 2008 over Q4 March 2007.
The company produces flexible packaging films. Flexible packaging includes materials such as plastic films, paper and aluminium foil.
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