Alembic Ltd approves share buy-back: Stock rise

Alembic Limited which engaged in the business of pharmaceuticals, real estate & power assets, today announced that the company has approved the proposal for buy-back of over 1.2 crore fully paid up equity shares of the Company, having face value of Rs. 2.00 each, for a total consideration not exceeding Rs. 82.00 crore, representing up to 3.84% of the total paid-up equity share capital of the company. The consideration excludes transaction costs viz fees, brokerage, securities transaction tax, GST, stamp duty and so on.

Meanwhile, the Alembic has reported a standalone net profit of Rs 56.00 million in Dec 2017 quarter. The Company had profit of Rs 7.00 million in the same quarter last year.

At 3.00 PM, Wednesday, the stocks of Alembic were trading higher by 4.51% and 4.29% respectively, on NSE and BSE.

IOC gains 2.9% on bonus issue proposal

Shares of state owned oil and gas company, Indian Oil Corporation Limited (IOC), surged by over 4% during the afternoon hours, on the Exchanges on Tuesday as the company announced that its board may consider issuance of bonus shares in its meeting scheduled on January 30, 2018. However, at closing hours, the IOC stock ended up by 2.09% on NSE.

The IOC will also be announcing its Q3 results on January 30, 2018. The company’s board has also recommended issue of bonus shares in 1:1 ratio, which would effect in the addition of one equity bonus share for every existing equity share.

The stock closed at Rs. 390.50 up by 2.09% on NSE, while BSE Sensex closed higher by 341.97 points, to 36,139.98 and Nifty50 rose 117.50 points to close at 11,083.70.