Nitin Fire Protection gains ahead of board meet for share buyback

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The stock has rallied 5% to Rs 61 on back of heavy volumes on the BSE

Nitin Fire Protection Industries is trading higher by 5% to Rs 60.60 ahead of board meeting today to consider the share buyback proposal.

The meeting of the buyback committee of the company will be held on February 26, 2014 to take stock of buy back of shares, to fix the date of closing the buy back and other related formalities, Nitin Fire Protection Industries said in a BSE filing.

As on December 31, 2013 the promoters held 71.73% stake in the company. The foreign institutional investors held 13.92% stake, while the remaining 14.35% holdings are with the individual shareholders and others.

The stock opened at Rs 64.90 and touched a high of Rs 66 in early morning deals on the BSE. A combined 831,700 shares have already changed hands on the counter till 0920 hours as against an average 700,000 shares that were traded daily in past two weeks on the BSE and NSE.

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