Seamec surges as board approves share buyback proposal

The stock was up 7% to Rs 118 after the board approved buyback of shares at Rs 125 per share via tender offer.

Shares of Seamec were trading higher by 7% at Rs 118 on the BSE after the company's board approved the buyback of equity shares at a price of Rs 125 per share through the tender offer.

Meanwhile, the company engaged in shipping business has reported a 9.5% year-on-year (YoY) decline in its standalone net profit at Rs 27.85 crore for the fourth quarter ended March 31, 2015 (Q4) due to a decline in operational income. The company had posted a profit of Rs 30.76 crore in the year-ago quarter.

Income from operations during the quarter under review declined by 13.8% to Rs 118 crore against Rs 137 crore in the corresponding quarter of previous fiscal.

The stock opened at Rs 126 and has seen a combined 388,236 shares changing hands on the counter on the BSE and NSE till 1004 hours.