Garware-Wall Ropes jumped 4.59% to Rs 49 at 10:17 IST on BSE after the company said that the buyback offer commences from today, 10 October 2013.
The announcement was made before trading hours today, 10 October 2013.
Meanwhile, the BSE Sensex was down 5.95 points, or 0.03%, to 20,243.31..
On BSE, 1,100 shares were traded in the counter compared with average volume of 2,608 shares in the past one quarter.
The stock hit a 52-week low of Rs 37.95 on 28 August 2013. The stock hit a 52-week high of Rs 54 on 23 October 2012.
The stock had outperformed the market over the past one month till 9 October 2013, rising 17.12% compared with the Sensex's 5.08% rise. The scrip had also outperformed the market in past one quarter, gaining 12.35% as against Sensex's 4.17% rise.
The small-cap company has an equity capital of Rs 23.71 crore. Face value per share is Rs 10.
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Garware-Wall Ropes said the buyback will close on 9 April 2014.
Last month, Garware-Wall Ropes' board approved buyback of the company's shares from its shareholders from open market through stock exchanges at a price not exceeding Rs 65 per share payable in cash for an aggregate amount not exceeding Rs 11 crore. The offer size represents 4.13% of the aggregate of the company's paid up equity capital and free reserves as at 31 March 2013, the company said. The minimum buyback size is of Rs 5.50 crore.
Garware-Wall Ropes' net profit rose 3.5% to Rs 6.20 crore on 9.5% fall in net sales to Rs 148.66 crore in Q1 June 2013 over Q1 June 2012.
Garware-Wall Ropes makes ropes, PPMF yarns/ twines, SPM system, geo textiles and metal gabions.
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