ISGEC Heavy spurts as board to consider buyback proposal

ISGEC Heavy Engineering jumped 5% to Rs 891.55 at 14:19 IST on BSE after the company scheduled a board meeting on 18 January 2014, to consider and approve buyback of equity shares.

The announcement was made during market hours today, 15 January 2014.

Meanwhile, the S&P BSE Sensex was up 219.65 points or 1.04% at 21,252.53

On BSE, so far 483 shares were traded in the counter as against average daily volume of 325 shares in the past one quarter.

The stock hit a high of Rs 891.55 and low of Rs 850 so far during the day. The stock had hit a record 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 underperformed the market over the past one month till 14 January 2014, falling 1.83% compared with the Sensex's 1.53% rise. The scrip had also underperformed the market in past one quarter, declining 0.11% as against Sensex's 2.06% rise.

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

ISGEC Heavy Engineering said it has scheduled a board meeting on 18 January 2014, to consider and approve the buyback of equity shares of the company under the provisions of the Companies Act, 1956 and SEBI Buy Back Regulations, 1998.

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

ISGEC Heavy Engineering is a heavy engineering company and heavy engineering equipment manufacturers.

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