ADF Foods Rally On Share Buyback Plans

Shares of ADF Foods jumped as much as 11 per cent on Friday after the Mumbai-based food processing proposed a share buyback. 

The company's board of directors will meet on July 27 to consider an "interim dividend or buyback of equity shares of the company or a combination thereof", ADF Foods said in a release to Bombay Stock Exchange. 

Shares buybacks typically perceived positively by the investor community as it reflects management's confidence in the business. 

As of June 30, 2016, promoters held 52.35 per cent stake in the company. 

ADF Foods shares closed 7.02 per cent higher at Rs 98.35 apiece compared to 0.37 per cent gain in the broader Nifty.