Great Eastern Shipping Company shares jump 8% as board considers buyback proposal

Stocks

The share touched a 52-week high of Rs 477 and a 52-week low of Rs 229 on 16 June, 2021 and 29 January, 2021, respectively.

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Shares of Great Eastern Shipping Company rose over 8 percent to Rs 299.85 apiece intraday on December 23, after the company announced that is going to consider the proposal to buy-back the fully paid-up equity shares.

“The board of directors of Great Eastern Shipping Company at their meeting scheduled on Monday, December 27, 2021 shall consider a proposal to buy-back the fully paid-up equity shares of the company in accordance with Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018,” company said in its release.

Pursuant to the company’s code of conduct for prohibition of insider trading, the trading window for transacting in the securities of the company would remain closed from December 23, 2021 till further notice.

At 10:33 hrs Great Eastern Shipping Company was quoting at Rs 293.35, up Rs 17.55, or 6.36 percent on the BSE.

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The share touched a 52-week high of Rs 477 and a 52-week low of Rs 229 on 16 June, 2021 and 29 January, 2021, respectively.

Currently, it is trading 38.5 percent below its 52-week high and 28.1 percent above its 52-week low.