Shares of Tips Industries Ltd. hit a fresh record high on Monday as it said that its board will meet on Wednesday to consider a buyback, according to an exchange filing.
Shares of Tips Industries rose as much as 6.57%, the highest since listing on Nov. 20, 2000, before paring gains to trade 2.38% higher at 10:04 a.m. This compares to a 0.39% decline in the NSE Nifty 50.
The stock has risen 243.86% in past 12 months. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 78.95, implying the the stock was overbought.
Ventura Securities Ltd. maintains a 'buy' rating on the company, with a target price of Rs 612 per share, indicating a 22.89% upside from the stock's closing price on Friday.
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