HSIL, the manufacturer and trader of building products, saw its share price trading as much as 10 percent on Thursday after it said it will consider a share buyback on September 21. On an intra-day basis, the share price touched its 52-week high of Rs 75 per share on the NSE. However, at 12:05 pm, the stock lost marginal gains to trade 6.93 percent higher to Rs 72.55.
In its exchange filing, the company said, "Meeting of the Board of Directors of the company will be held on Monday, September 21, 2020, to consider the proposal of buyback of the fully paid-up equity shares of the company."
The company in its statement had mentioned earlier that the lockdown has impacted their sales and operations during the quarter. It has partly resumed operations at various building products manufacturing facilities except for the sanitaryware plant in Telangana.
In its June quarter earnings, the company reported a net loss of Rs 17.35 crore as against the profit of Rs 14.34 crore in the corresponding quarter last year. Revenue from operations declined to Rs 251.55 crore as compared to Rs 439 crore last year.
The Gurugram-based company manufactures, sells and trades building products and packaging products. It also offers services in sanitaryware, faucets and glass bottles.