HSIL leaps 10% as Board to consider share buyback on September 21

Topics Buzzing stocks | HSIL | Markets

The Gurugram-based company had posted a net loss of Rs 17.35 crore for April-June quarter of FY21
Shares of HSIL rallied 10.2 per cent to Rs 74.8 in an otherwise weak market on the BSE on Thursday after the company said it will consider share buyback next week. Today's intra-day high was the stock's fresh 52-week high, which surpassed its previous high of Rs 71.35 hit on September 16, 2020. 

At 9:53 am, the stock was trading 7 per cent higher at Rs 72.55 on the BSE, as against 0.31 per cent dip in the S&P BSE Sensex. So far in the financial year 2020-21, the stock has surged 73 per cent on the BSE as against 33.37 per cent gain in the S&P BSE Sensex till Wednesday, BSE data show.

"Meeting of the Board of Directors of the Company will be held on Monday, September 21, 2020 to consider the proposal of buyback of the fully paid-up equity shares of the Company," the comapny said in an exchange filing. 

The Gurugram-based company had posted a net loss of Rs 17.35 crore for April-June quarter of FY21, as against Rs 14.34 crore profit in the corresponding quarter of the previous fiscal. Revenue from operation, meanwhile, came in at Rs 251.55 crore, down from Rs 439 crore in Q1FY20. 

"During lock down period container glass manufacturing facilities continued its operations at lower capacity utilisation and other plants of packaging product division manufacturing PET bottles, Security caps and clowre partly resumed operations at lower capacity during April and May 2020 months. Post lockdown period, the operations at various building products manufacturing facilities also partly resumed operations at lower capacities except sanltaryware plant at Bibinagar. Telangana which is expected to resume operations around middle of August ?02.0. Even after the lodcdown perlod, partial/frequent loclcdowns and restrictions in various states continued to adversely impact safes, related logistics and operations during the quarter," the company said in a statement.

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