Excel Inds spurts on share buyback proposal

Excel Industries jumped 15.18% to Rs 196.50 at 11:56 IST on BSE after the company said it will consider a proposal for buyback of equity shares of the company at its board meeting to be held on 28 March 2016.

The announcement was made after market hours yesterday, 21 March 2016.

Meanwhile, the S&P BSE Sensex was down 29.95 points or 0.12% at 25,255.42.

On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 5,178 shares in the past one quarter. The stock hit a high of Rs 197.70 and a low of Rs 173 so far during the day. The stock had hit a 52-week high of Rs 353 on 6 August 2015. The stock had hit a 52-week low of Rs 140 on 12 February 2016. The stock had outperformed the market over the past one month till 21 March 2016, surging 15.19% compared with Sensex's 6.65% rise. The scrip had, however, underperformed the market in past one quarter, sliding 31.84% as against Sensex's 1.75% fall.

The small-cap company has equity capital of Rs 6.45 crore. Face value per share is Rs 5.

Excel Industries' net profit fell 75.2% to Rs 2.11 crore on 11.6% decline in net sales to Rs 101.76 crore in Q3 December 2015 over Q3 December 2014.

Excel Industries is engaged in the manufacture of a range of speciality and performance chemicals.

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