L&T stocks jump over 6% on share buyback proposal

Shares of Larsen & Toubro today surged more than 6 per cent in morning trade on the bourses after the company said its board will meet on August 23 to consider a proposal for buyback of equity shares.

In a regulatory filing on August 18, the company had said that "the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on Thursday, August 23, 2018".

Following the announcement, the shares of the company opened on a bullish note at Rs 1,300 then surged further and touched a high of Rs 1,319.65, up 6.39 per cent, over its previous closing price.

Similar movement was seen on NSE as well, where the stock opened at Rs 1,300, then touched a high of Rs 1,319.95, up 6.43 per cent over its last close.

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Meanwhile, as per the company's internal Code for Prevention of Insider Trading, "the trading window for dealing in the securities of the company will be closed for the company's directors/officers and designated employees of the company from Monday, August 20 2018, till Friday, August 24 2018, (both days inclusive)", the filing added