Equity Alert: Atlas Copco up 20%; co to mull share buyback Jun 25

[K.Karthik Raja]

Equity Alert: Atlas Copco up 20%; co to mull share buyback Jun 25
MUMBAI--12:45PM--Shares of Atlas Copco India were frozen at upper
circuit of 20% for the second straight session on BSE and were trading
at 1,293.45 rupees today after the company Monday announced a board
meeting on Jun 25 will mull buyback of shares.
According to capital market regulations, the buyback should not
exceed 25% of the total paid-up capital and free reserves of the
company.
As on Dec 31, the company's net worth stood at 3.32 bln rupees,
while public shareholding in the company is 3.66 mln shares or 16.23%
of total equity as on Mar 31.
Atlas Copco India Ltd, part of the Swedish multinational Atlas
Copco group,
manufactures compressed air equipment, air tools and other allied
equipment
mainly used in construction, mining, and engineering industries.
Dealers do not expect significant rise in the stock hereafter on
this
news as the stock has already gained 40% in two sessions.
So far, 15,456 shares of Atlas Copco India have changed hands
today.