Marathon Nextgen Realty Limited has planned to hold a meeting of its board of directors on March 17, to consider the proposal of buyback of equity shares of the company.
The stock touched high of Rs 266 per share, up by Rs 42 per share or 18.98% on an intraday basis. The stock started rallying after the buyback proposal was announced.
The stock has outperformed the major indices in the market and the Nifty Realty index in Tuesday’s trading session.
Marathon Nextgen Realty Limited is engaged in the business of construction of real estate.
The company witnessed rise in its net profit by nearly 32% for the quarter ended on December 31, 2016. On a bullish day, Nifty Realty index is trading higher by 1.8% at the 202 level. HDIL is the top gainer in the Realty index, trading higher by 3.8% at Rs 74.95 per share.