Banco Products slides after dropping buyback proposal

Banco Products (India) lost 3.56% to Rs 187.15 at 12:27 IST on BSE after the board at its meeting held yesterday, 8 December 2016, decided to drop the earlier proposal for the buyback of equity shares of the company.

The announcement was made after market hours yesterday, 8 December 2016.

Meanwhile, the S&P BSE Sensex was up 63.72 points or 0.24% at 26,758.

On the BSE, 55,000 shares were traded on the counter so far as against the average daily volumes of 47,949 shares in the past one quarter. The stock had hit a high of Rs 189.30 and a low of Rs 180.15 so far during the day.

The stock had hit a record high of Rs 241.50 on 6 September 2016 and a 52-week low of Rs 90.30 on 25 February 2016. It had underperformed the market over the past one month till 8 December 2016, sliding 5.41% compared with the Sensex's 3.25% fall. The scrip had also underperformed the market in the past one quarter, declining 15.24% as against the Sensex's 8.09% fall.

The small-cap company has equity capital of Rs 14.30 crore. Face value per share is Rs 2.

Banco Products (India) had announced on 28 November 2016 about its board meeting on 8 December 2016, to consider share buyback proposal.

On a consolidated basis, Banco Products (India)'s net profit rose 28.3% to Rs 31.98 crore on 8.5% growth in net sales to Rs 352.39 crore in Q2 September 2016 over Q2 September 2015.

Banco Products (India) was founded in 1961, with the purpose to design and manufacture radiators and gaskets as an import substitute for the Indian original equipment manufacturer (OEM) industry, railways and defense sector.

Powered by Capital Market - Live News