DCM Shriram jumps on buyback plan

DCM Shriram rose 4.49% to Rs 283 at 9:28 IST on BSE after the company said that its board will consider buyback on 18 June 2018.

The announcement was made after market hours yesterday, 11 June 2018.

Meanwhile, the S&P BSE Sensex was up 35.10 points, or 0.10% to 35,518.57.

On the BSE, 20,000 shares were traded in the counter so far compared with average daily volumes of 34,000 shares in the past two weeks. The stock had hit a high of Rs 284.40 and a low of Rs 279.05 so far during the day. The stock hit a record high of Rs 628.05 on 22 January 2018. The stock hit a 52-week low of Rs 222.55 on 16 May 2018.

DCM Shriram said that its board will meet on 18 June 2018, to consider the proposal to buyback the fully paid up equity shares of the company.

On a consolidated basis, net profit of DCM Shriram declined 67.57% to Rs 50.71 crore on 3.30% decline in net sales to Rs 1550.69 crore in Q4 March 2018 over Q4 March 2017.

DCM Shriram's business portfolio comprises primarily of two types of businesses, agri-rural business and chlor-vinyl business.

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