Apar Industries gains as board to consider share buyback

Apar Industries rose 1.59% to Rs 576.10 at 10:34 IST on BSE after the company said its board of directors will meet on 6 January 2017, to consider a proposal for buyback of shares.

The announcement was made after market hours on Friday, 23 December 2016.

Meanwhile, the S&P BSE Sensex was down 204.46 points or 0.79% at 25,836.24.

On the BSE, 1,830 shares were traded on the counter so far as against the average daily volumes of 14,833 shares in the past one quarter. The stock had hit a high of Rs 589.25 and a low of Rs 574.90 so far during the day.

The stock had hit a record high of Rs 633.55 on 1 August 2016 and a 52-week low of Rs 406 on 29 February 2016. The stock had outperformed the market over the past one month till 23 December 2016, advancing 1.32% compared with the Sensex's 0.04% fall. The scrip had also outperformed the market over the past one quarter falling 2.89% as against the Sensex's 9.71% fall.

The small-cap company has equity capital of Rs 38.50 crore. Face value per share is Rs 10.

Apar Industries' net profit rose 82.2% to Rs 45.66 crore on 1.5% rise in net sales to Rs 1252.58 crore in Q2 September 2016 over Q2 September 2015.

Apar Industries is engaged in the business of manufacture of conductors, transformer/specialty oils and power/telecom cables.

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