ISGEC Heavy Engineering jumps 8.3% in 2 days

ISGEC Heavy Engineering surged 3.2% to Rs 920.10 at 11:06 IST on BSE, with the stock extending Wednesday's rally triggered by the company's announcement that its board will meet on 18 January 2014, to consider buyback of equity shares.

Meanwhile, the S&P BSE Sensex was down 21.43 points or 0.1% at 21,268.06.

On BSE, so far 1,312 shares were traded in the counter as against average daily volume of 331 shares in the past one quarter.

The stock hit a high of Rs 936.10 and low of Rs 913 so far during the day. The stock had hit a 52-week high of Rs 995 on 22 May 2013. The stock had hit a 52-week low of Rs 783 on 2 January 2014.

The stock had outperformed the market over the past one month till 15 January 2014, advancing 3.08% compared with the Sensex's 2.77% rise. The scrip had also outperformed the market in past one quarter, surging 4.86% as against Sensex's 3.61% rise.

The small-cap company has equity capital of Rs 7.37 crore. Face value per share is Rs 10.

Shares of ISGEC Heavy Engineering have surged 8.36% in two trading sessions from a recent low of Rs 849.10 on 14 January 2014 after the company during trading hours on Wednesday, 15 January 2014 said it has scheduled a board meeting on 18 January 2014, to consider the buyback of equity shares. The stock surged by the maximum permissible level of 5% to settle at Rs 891.55 on Wednesday, 15 January 2014.

ISGEC Heavy Engineering's net profit rose 0.9% to Rs 33.95 crore on 6.3% decline in net sales to Rs 699.03 crore in Q4 September 2013 over Q4 September 2012.

ISGEC Heavy Engineering is engaged in the manufacturing of heavy engineering equipment.

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