Lakshmi Machine Works is India's largest textile machinery and CNC Machine Tool manufacturers, based in Coimbatore. The stock has been the top gainer on the BSE since the opening bell today. Currently ruling at Rs.4518, it is up over 4% and this is after hitting an intra day high at Rs.4600, while its 52-week high stands at Rs.4698.

The company announced on Friday after market hours that it was convening a Board meeting on 26th Oct to consider buy back of shares. Promoters holding is currently pretty low at 28.35%. Mutual funds hold 8% and FIIs hold 6%. LIC alone has a 8% stake. Thus the buy back is a good move to shore up the promoters holding given their low stake.

On the same day, 26th Oct, the company will also declare its Q2FY17 numbers.