Shares of Marathon Nextgen Realty spiked over 16 per cent on the Bombay Stock Exchange after the real estate developer said that it board will meet on Friday to consider share buyback proposal. “A meeting of board of directors of the company is scheduled to be held on March 17, 2017, to consider the proposal of buy-back of equity shares of the company and new project proposal,” Marathon Nextgen Realty said in a BSE filing.
Boosted by the development, shares of company gained as much as 16.53 per cent at Rs 260.50 apiece on the Bombay Stock Exchange. In a similar fashion, stocks of company rose 15.57 per cent to Rs 259 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 29,426.47, up 476.24 points, or 1.66 per cent at 12:06 hours.