Shares of UPL Ltd raced alongside the top Nifty50 gainers by rising as much as 5 percent on Friday. This upmove came after the company announced it would consider buying back its equity shares.

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In the past three years, the stock has climbed 16 percent higher whereas it is down nearly 13 percent YTD.

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“…a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, 2nd March 2022 inter-alia to consider a proposal for buyback of fully paid-up equity shares of the Company in accordance with the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018,” UPL said in a press release.

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At 10:29 am, shares of UPL were trading 4.4 percent higher at Rs 660 on BSE. The stock has gained after seven days of consecutive falls.

However, UPL shares are trading lower than 5, 20, 50, 100 and 200-day moving averages.

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