L&T Zooms 4% As Stock Trades Ex-Date For Buyback; Share Buyback Price Revised To Rs 3,200 - News18
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Last Updated: September 12, 2023, 12:33 IST Larsen and Toubro's stock surges by 4% during the buyback ex-date. Larsen & Toubro (L&T) shares rallied 4 per cent on the BSE to scale a fresh high of Rs 2,998 in Tuesday’s intra-day trade Larsen & Toubro (L&T) shares rallied 4 per cent on the BSE to scale a fresh high of Rs 2,998 in Tuesday’s intra-day trade after the company revised its buyback price upwards from Rs 3,000 to Rs 3,200 per share. At the same time, the maximum no of shares to be bought back has been reduced to about 31.2 million shares from about 33.3 million shares earlier. The revised buyback represents 2.22 per cent of the paid up equity share capital of the company. L&T said one of the key objectives of the company’s strategic plan, Lakshya ’26, is to enhance the return on equity (ROE) and thereby maximise shareholder value. Return on equity capital to the shareholders in the form of buyback of shares of the company is a step in that di...