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Shares of HT Media Ltd, publishers of the Hindustan Times newspaper, touched a fresh 52-week high today after the company announced that its board would consider on May 14 a share buyback.
The shares hit a new yearly high of Rs 123.70 (face value Rs 2) before easing to Rs 112.30, a gain of Rs 8 or 7.67 per cent, in the BSE about two hours after trading began today.
In a statement to the stock exchanges, the company said its board on May 14, apart from finalising the audited financial results for 2012-13 would also consider a proposal for buyback of equity shares.
The announcement lifted the stock price to a new 52-week high. The trading volume surged to about 25,360 shares as against the normal two-week volume of 1,639 shares in the BSE.
Apart from its flagship newspaper Hindustan Times in English, the company publishes a financial newspaper and is also present in the electronic media space.
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