Swaraj Engines was down 0.48% at Rs 1,989.95 at 9:18 IST on BSE, with the stock witnessing volatility in early trade after the company's announcement of board's nod for buyback of equity shares.
The announcement was made after market hours yesterday, 28 November 2017.Meanwhile, the S&P BSE Sensex was up 51.78 points or 0.15% at 33,670.37.
On the BSE, 7,773 shares were traded on the counter so far as against the average daily volumes of 1,195 shares in the past one quarter. The stock had hit a high of Rs 2,039.90 and a low of Rs 1,980 so far during the day. The stock had hit a record high of Rs 2,545 on 21 June 2017 and a 52-week low of Rs 1,290 on 2 January 2017.
Swaraj Engines' board, at its meeting held yesterday, 28 November 2017, approved buyback proposal for purchase of shares not exceeding Rs 70.73 crore. The buyback price is Rs 2,400 per share. The promoters of the company viz. Mahindra & Mahindra and Kirloskar Industries have communicated their intention to participate in the proposed buyback.
The buyback price is at a premium of 20.03% over the stock's closing price of Rs 1,999.45 yesterday, 28 November 2017.
Net profit of Swaraj Engines rose 22.1% to Rs 23.50 crore on 16.6% rise in net sales to Rs 208.66 crore in Q2 September 2017 over Q2 September 2016.
Swaraj Engines is into manufacturing and supplying of diesel Engines. It also manufactures hi-tech engine components.
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