Selan Exploration Technology rose 1% to Rs 132.35 at 11:40 IST on BSE after its board approved buyback of shares at up to Rs 230, a 73.78% premium over the ruling market price.
The stock hit a high of Rs 137.95 and a low of Rs 129 so far during the day. The stock had a 52-week high of Rs 329.90 on 30 July 2008 and a 52-week low of Rs 109 on 24 march 2008.
The small-cap oil explorer has an equity capital of Rs 14.42 crore. Face value per share is Rs 10.
The current price of Rs 132.35 discounts its Q2 September 2008 annualised EPS of Rs 64.16, by a PE multiple of 2.06.
The company said it would buy back up to 25% of its paid-up capital and free reserves at a maximum of Rs 230 a share. The company made the announcement after market hours yesterday, 20 November 2008.
Selan Exploration Technology's net profit soared 578.3% to Rs 23.13 crore on a 326.8% rise in sales to Rs 37.90 crore in Q2 September 2008 over Q2 September 2007.
Selan Exploration Technology is involved in oil exploration and production in India.
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