Excel Industries, intraday, rose 16% to Rs.233.40 and it now hovering around Rs.232 levels. Volumes have jumped up 7.5 times.

This new found surge of optimism on the counter is because the Board, at its meeting held yesterday approved buy back of its shares at a price not exceeding Rs.275/share (FV at Rs.5) for a maximum amount of Rs.18 crore.

As of December 31, 2015, the promoters held 51.02% stake, while the remaining 48.98% stake with the public shareholders.