Swaraj Engines surges 11% as board mulls share buyback

The board of directors of the company will meet on November 28, 2017, to consider the proposal to buyback the fully paid-up equity share

Swaraj Engines surged 11% to Rs 2,109 on the BSE in early morning trade after auto ancillary company said that its board will meet on November 28, 2017, to consider the proposal to buyback the fully paid-up equity shares of the company.

As of September 2017, the promoters Mahindra & Mahindra and Kirloskar Industries held a combined 50.61% stake in Swaraj Engines. Individual shareholders holding was 25.6%, followed by mutual funds (12.49%) and foreign portfolio investors (5.25%). The remaining 6.05% are with the bodies corporate and NRIs.

In past five months, the stock had underperformed the market by falling 19% as compared to 7.8% rise in the S&P BSE Sensex till Thursday.

At 09:18 AM; it was up 10% at Rs 2,081 on the BSE, against 0.22% gain in the benchmark index. A combined 10,935 shares changed hands on the counter on the NSE and BSE.