Transport Corporation of India shares jump 14.6% on buyback hopes
Business
Transport Corporation of India shares surged as much as 14.6% on Friday, their biggest leap in years, right before a key board meeting next week.
The buzz? The company might announce a share buyback, which has investors excited.
Shares were trading at ₹945, still well below the 52-week high of ₹1,242.
Possible buyback range ₹256-₹641 cr
If the board approves a buyback, it could cost anywhere from ₹256 crore (for 10%) to ₹641 crore (for 25%), depending on how much they decide to repurchase.
Even with this week's rally, the stock is down 13% since January and more than 21% over the last 12 months, so there's still some ground to recover for long-term holders.