HPCL share price surges 5% as firm mulls buyback; should you buy?

Hindustan Petroleum Corporation Ltd (HPCL) share price jumped nearly 5 per cent to Rs 188.40 apiece on BSE, a day after the company informed that it will consider share buyback on November 4. With today’s gain in the stock price, HPCL is up over 21.5 per cent from its 52-week low, taking the total market capitalisation of the firm to Rs 28,716 crore. The board of directors of the company will meet on November 4 to consider financial results for the second quarter (July-September) and half year (April-September for 2020-21 fiscal). HPCL closed with 4.5% gains on Friday at 187.70 per share.

“The board will also consider a proposal to buy back the fully paid equity shares of the face value of Rs 10 each of the company,” HPCL said.