New Delhi, Shares of oil refinery Hindustan Petroleum Corporation Ltd. (HPCL) gained over four per cent to Rs 187.10 (at 2.30 p.m.) on the BSE on Friday after the company announced that it will consider a proposal to buyback shares at its next board meeting on November 4.

The HPCL board was to meet on November 4 to consider and approve the financial results of the company for the second quarter and half year period ending September 30 earlier.

"We now wish to inform you that in the aforesaid board meeting, the board will also consider a proposal to buyback the fully paid equity shares of face value of Rs 10 each of the company", BPCL said in exchange filing on Thursday after market hours.

The decision to buyback shares gave momentum to HPCL shares in trade on Friday. In fact, the company's shares have gained 20 per cent in the last three months even though the gains for S&P BSE Sensex during the period has been just five per cent.

With the correction in HPCL stock, minority shareholders could hope to get rewarded on the proposed buy back. The performance of the buyback would, however, be determined on the basis of how attractive the pricing is, brokerages have said.