The announcement was made after trading hours on Tuesday, 20 September 2011.

Meanwhile, the BSE Sensex was up 52.39 points, or 0.31%, to 17,151.67.

On BSE, 10.26 lakh shares were traded in the counter as against an average daily volume of 16.35 lakh shares in the past one quarter.

The stock hit a high of Rs 18.80 and a low of Rs 18.20 so far during the day. The stock had hit a 52-week low of Rs 15.60 on 19 August 2011. The stock had hit a 52-week high of Rs 35 on 11 November 2010.

The stock had outperformed the market over the past one month until 20 September 2011, gaining 10.88% compared with the Sensex's 5.93% gain. The scrip had underperformed the market in past one quarter, falling 25.56% as against 2.33% decline in the Sensex.

The mid-cap textile company has an equity capital of Rs 787.80 crore. Face value per share is Rs 10.

After the latest share purchase, Alok Finance's stake in the company has increased to 2.74% from 2.63% and the total promoter holding in the company has increased to 29.94% from 29.83%. Increase in stake by promoters in a company helps bolster investor confidence.

Alok Industries' net profit rose 24.21% to Rs 57.77 crore on 49.68% rise in net sales to Rs 1644.89 crore in Q1 June 2011 over Q1 June 2010.

Alok Industries is a fully integrated cotton textile company. It is a diversified manufacturer of home textiles, garments, apparel fabrics and polyester yarns. Alok also has a foothold in the domestic retail segment through a wholly-owned subsidiary Alok H&A under the cash & carry model that offers garments and home textiles. In addition, Alok has also invested in premium commercial/residential projects across Mumbai through its wholly-owned subsidiaries.