Swaraj Engines soars 5% as board considers share buyback
Following the development, the stock rose 4.89 per cent to end the session at Rs 1,987.05.
The announcement was made after market hours of Thursday.
Following the development, the stock rose 4.89 per cent to end the session at Rs 1,987.05 on BSE. Yet, the stock was trading off its record high of Rs 2,545 hit on June 21.
A total of 12,000 changed hands on the counter in the first 30 minutes of trade compared with a two-week average daily volumes of 407 shares.
In a filing to BSE, the manufacturer of diesel engines said, "A meeting of the board of directors of the Company will be held on November 28, inter alia, to consider the proposal to buyback the fully paid-up equity shares of the company."
"Further, as per the Insider Trading Code of the Company, the Trading Window for the designated employees of the company will remain closed with the immediate effect and shall re-open only after 48 hours from the announcement of outcome of the board meeting to stock exchanges," it said.
The stock hit a high of Rs 2,207 and a low of Rs 2,010 so far during the day. The stock hit a 52-week low of Rs 1,290 on January 2.
Net profit of the company jumped 22.08 per cent YoY to Rs 23.50 crore in the September quarter. Sales for the quarter was up 16.63 per cent at Rs 208.66 crore.