Vardhman Textiles at lifeitme high

Vardhman Textiles hit a lifetime high today at Rs.1116.75, up over 16%. It has come off this high since then but remains firmly in the green at Rs,1023 levels, up 7%. Volumes are robust, going up over 3 times.

The company yesterday after market hours announced that it has scheduled a Board meeting on 24^th Sept to consider buyback of shares. The prospect of a buyback always pushes up the price, making the buyback price also much higher, sometimes much more than what the management probably had proposed.

As at 30^th June 2016, promoters held 62.23% stake with FIIs, mutual funds and individual shareholders holding 11% stake each.