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The maximum buyback price is a 44.51% premium to the ruling market price. The company made the announcement before trading hours today, 19 January 2009.
Meanwhile, the BSE Sensex was down 14.60 points, or 0.16%, to 9,308.99.
On BSE, 19,638 shares were traded in the counter. The stock had an average daily volume of 40,729 shares in the past one quarter.
The stock hit a high of Rs 53.50 and a low of Rs 51.10 so far during day. The stock hit a 52-week high of Rs 171 on 17 January 2008 and a 52-week low of Rs 38.15 on 27 October 2008.
The small-cap stock had outperformed the market over the past one month till 16 January 2009, falling 0.20% as compared to the Sensex's decline of 6.55%. It had also outperformed the market in the past one quarter, falling 3.55% as compared to the Sensex's decline of 44.89%.
The company's current equity is Rs 28.25 crore. Face value per share is Rs 10.
The current price of Rs 51.90 discounts the company's Q2 September 2008 annualized EPS of Rs 31.58, by a PE multiple of 1.64.
Mangalam Cement will declare its Q3 results on 27 January 2009. The company's net profit fell 19.8% to Rs 22.30 crore on 4.2% increase in net sales to Rs 139.08 crore in Q2 September 2008 over Q2 September 2007.
The company is engaged in manufacturing and distributing portland cement and clinker in India.
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