Esab India gains after announcing VRS for employees at Kolkata plants

Esab India rose 3.92% to Rs 676 at 15:00 IST on BSE after announcing a voluntary separation scheme for all permanent workmen and graded staff, who are on the rolls at the company's Khardah & Taratala plants at Kolkata.

The company made announcement during market hours today, 12 June 2015.

Meanwhile, the S&P BSE Sensex was up 86.96 points or 0.33% at 26,425.09.

On BSE, so far 445 shares were traded in the counter, compared with an average volume of 5,595 shares in the past one quarter.

The stock hit a high of Rs 725 and a low of Rs 630, so far during the day. The stock hit a record high of Rs 757.90 on 28 October 2014. The stock hit a 52-week low of Rs 525 on 18 August 2014.

The stock had underperformed the market over the past one month till 11 June 2015, declining 4.51% compared with 4.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 8.38% as against Sensex's 7.98% fall.

The mid-cap stock has an equity capital of Rs 15.39 crore. Face value per share is Rs 10.

The board of directors of Esab India have accorded their approval to the said scheme today, 12 June 2015. The scheme would be effective from 15 June 2015. The scheme envisages a total financial outgo of about Rs. 6 crore.

Esab India reported net loss of Rs 1.38 crore in the quarter ended 31 March 2015 compared with net profit of Rs 8.45 crore in the quarter ended 31 March 2014. Total income fell 3.1% to Rs 109.29 crore in the quarter ended 31 March 2015 over the quarter ended 31 March 2014.

Esab India started its operations in 1987 by acquiring the welding business of Peico Electronics & Electricals (now Philips India).

Powered by Capital Market - Live News