SKF India gains on share buyback plan

The stock was up 3.5% to Rs 1,408 on the BSE.

SKF India rose over 3% to Rs 1,408 on the BSE in an otherwise volatile market after the company announced a share buyback proposal.

The board of directors of SKF India is scheduled to meet on February 13, 2017 to consider a proposal for buy-back of equity shares of the company.

The board will also consider the unaudited financial results for the third quarter and nine months ended December 31, 2016.

In past six months, the stock had underperformed the market by falling 3% as compared to 0.38% rise in the S&P BSE Sensex till yesterday.

As of December 2016, the promoters held 53.58% stake in SKF India. Mutual funds have 16.82% holdings, followed by foreign portfolio investors (12.56%), individual shareholders (10.32%) and insurance companies (3.09%).

The stock hit an intra-day high of Rs 1,413 on the BSE. A combined 20,716 shares changed hands on the counter on the BSE and NSE so far.

At 10:49 am; the S&P BSE Sensex was down 0.27% at 28,212 points.

CLARIFICATION/ NOTE: For the quarter ended September 2016, SKF India posted 20% year on year (YOY) increase in net profit at Rs 60 crore on 10.3% YoY rise in net sales at Rs 705 crore. This was incorrectly reported in the earlier copy. The mistake has been rectified. The error is regretted.