Shares of Transport Corp. of India have surged close to 19% to hit an all time high as the company announced its first ever buyback proposal.
The board of directors of the industry-specific logistics solutions company will meet on Aug. 24 to consider a buyback of its equity shares, according to an exchange filing.
The company has never issued bonus shares or split its stock, but it has paid dividends to its shareholders.
Shares of the company rose as much as 18.86%, to hit an all-time high. They pared gains to trade 11.18% higher at Rs 1,157.25 apiece, as of 10:04 a.m., compared to a 0.20% advance in the NSE Nifty 50.
The stock has risen 40.36% year-to-date. Total traded volume so far in the day stood at 6.32 times its 30-day average. The relative strength index was at 79.95, indicating that the stock has been overbought.
Out of 10 analysts tracking the company, eight maintain a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 2.3%.
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