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GAIL shares like other PSU stocks will remain in price levels of 125 to 155 as in past many years. It moves up only during dividend & buy backs. Those buying it exclusively for buy back be aware that last buy back acceptance ratio was 100% , however then buy backs were not so much publicized as now.

With many more climbing buy back bandwagon , AR will be lower and GAIL as a share does not move up again as in TCS. Those happy with periodic big dividends can take chance as rest of holding will be at lower price. There is also possibility of GAIL moving to 130 + post record date, as just a week before buy back announcement it was available at 140+.. Decide on based on your own risk. Buy back will also take about 6 to 8 weeks from record date, that is close to 3 months locking funds.

Yea its very much in overbought zone, ideal would be tu buy around 145-150.
Any profit as per expected acceptance ratio (25-30%) would be diminished by rest 70-75% share price falling back to where it belongs.

@Ou Ai

Agree with your line of thinking. Not looking to buy GAIL at current levels specifically for buyback.