GE Shipping, which had closed yesterday at Rs.275.80, opened almost 8% higher at Rs.297.10 and went on to hit an intraday high at Rs.299.85, up 9%.

The stock price reacted positively to the company announcing plans to buyback its shares. The Board meeting for the same is scheduled for 27^th Dec.

A buyback is usually viewed with  a lot of optimism as the shares are usually bought back from the existing shareholders at a price which is higher than the market price, spiking up short term demand.