The company's board approved the buyback plan during market hours today, 14 November 2008.

Meanwhile, the BSE Sensex was down 110 points, or 1.2%, to 9,422.32.

On BSE, 2.7 lakh shares were traded in the counter. The scrip had an average daily volume of 77,425 shares in the past one quarter.

The stock hit a high of Rs 40.45 and a low of Rs 35 so far during the day. The stock had a 52-week high of Rs 107.30 on 17 December 2007 and a 52-week low of Rs 24.75 on 24 October 2008.

The stock had outperformed the market over the past one month till 12 November 2008, rising 13.86% as compared to the Sensex's 9.42% decline. It had also outperformed the market in the past one quarter, falling 18.76% as compared to the Sensex's fall of 37.31%.

The small-cap stock has an equity capital of Rs 27.69 crore. Face value per share is Rs 2.

The current price of Rs 37.40 discounts its Q2 September 2008 annualised EPS of Rs 4.35, by a PE multiple of 8.59.

The buyback will be for a minimum of 12 lakh equity shares, with a maximum amount for buyback set at Rs 33 crore, constituting 9.69% of the paid-up capital & free reserves of the company.

Alembic is engaged in manufacturing and selling bulk drugs and pharmaceutical formulations in human and animal healthcare. It manufactures and markets antibiotics and antibacterial, cough and cold remedies, analgesic and anti-inflammatory medications, nutraceuticals and anti-diabetics.

Alembic's net profit declined 67% to Rs 15.04 crore on 13.1% rise in sales to Rs 344.68 crore in Q2 September 2008 over Q2 September 2007.