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.
 "Seamec surges as board approves share buyback proposal")
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.
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.