GAIL gains 4%, hits 52-week high as board set to mull buyback on Jan 15
Shares of GAIL (India) rose 4 per cent to hit fresh 52-week high of Rs 141.40 on the BSE in Tuesday’s morning session after the company said its board will meet on Friday, January 15, to consider buyback of shares and interim dividend. In the past one week, the stock has rallied 11 per cent as against a 2-per cent gain in the S&P BSE Sensex.
“The company’s board will meet on January 15 to consider share buyback and also payment of interim dividend for the fiscal year ending March 2021,” GAIL said in an exchange filing.
The government, which holds 52.1 per cent of GAIL, is likely to participate in the GAIL buyback just as it did in the case of NTPC, Engineers India, RITES and KIOCL.
