Mumbai, Oct 24 :    Mumbai, Oct 24:  Taking advantage of the current downturn in the stock markets with share prices plumbing new lows and wary of raiders doing a Bajoria on them, two companies today announced their plans to buyback equity. While Hinduja group flagship Ashok Leyland has announced a price not exceeding Rs 60 per share, the board of Sterlite informed the bourses that it will meet on October 31 to fix the price of the issue. Brokers expect Sterlite to fix the buyback price at Rs 175-180. The scrip of the copper coil maker, which recently saw a vertical split with its metals and telephone cables businesses being recast into two companies, has seen a sharp decline. The scrip, which got listed at Rs 220, fell sharply in the recent past to touch rock-bottom at Rs 130. The metals business of the company recorded a net profit of around Rs 107 crore for the year ended September 2000. Meanwhile, the board of directors of Ashok Leyland today approved buyback of the company's fully paid-up equity shares up to 15 per cent of the present paid up equity capital, not exceeding 1.78 crore equity shares, to be bought through the 'tender offer' method. The Chennai-based truckmaker said it will seek shareholder's approval at an extra-ordinary general meeting. 'Our objective is to enhance value and returns to our shareholders in the long term, through a reduced equity base,' managing director R Seshasayee said. The company, which is struggling to keep its neck above the long-drawn recession in the industry has declared that the entire outflow will be met through internal accruals. Says Seshasayee, 'The company has the liquidity to meet the outflow and the residuary capital offers adequate debt leverage to meet our future fund requirements.' The Ashok Leyland board today also took on record its second quarter results. The company posted a net profit of Rs 14.91 crore in the second quarter of 2000-01 as against Rs 18.19 crore in the previous corresponding quarter.