Alembic rises over 9%

Alembic Ltd rose over 9% to Rs.64.50,just 5 paise short of its 52-week high of Rs.64.55, with volumes rising over 1.5 times.

The stock price is reacting to the share buyback plan announced by the company.

The Board is scheduled to meet on the 23^rd of Jan to consider and approve buyback of its shares, the minimum and maximum shares it can buyback, process and price. This will be done along with the Q3FY18 performance announcement.

Promoters stake, which was at 65.77% in Q1Fy18, came down to 63.53% in Q2 and now in Q3, it stands at 63.71%.