K P R Mill spurts after board OKs buyback

K P R Mill rose 3.53% to Rs 718.25 at 13:37 IST on BSE after the company said its board approved the proposal to buyback shares.

The announcement was made during trading hours today, 22 February 2018.

Meanwhile, the S&P BSE Sensex was down 99.44 points, or 0.29% to 33,745.42.

On the BSE, 7,712 shares were traded in the counter so far compared with average daily volumes of 6,863 shares in the past one quarter. The stock had hit a high of Rs 725 and a low of Rs 692.10 so far during the day. The stock hit a record high of Rs 882 on 8 June 2017. The stock hit a 52-week low of Rs 570 on 23 February 2017.

The stock had underperformed the market over the past 30 days till 21 February 2018, falling 13.78% compared with 6.35% fall in the Sensex. The scrip had underperformed the market in past one quarter, falling 1.84% as against Sensex's 0.76% rise. The scrip had outperformed the market in past one year, rising 19.64% as against Sensex's 17.25% rise.

The mid-cap company has equity capital of Rs 36.95 crore. Face value per share is Rs 5.

K P R Mill said its board approved the proposal to buyback not exceeding 13.35 lakh equity shares of the company, representing 1.81% of the paid-up share capital, at Rs 810 each. The total buyback size will not exceed Rs 108.13 crore, which is 10% of the fully paid-up equity share capital and free reserves of the company as on 31 March 2017.

K P R Mill's consolidated net profit fell 0.3% to Rs 70.68 crore on 16.5% growth in net sales to Rs 714.51 crore in Q3 December 2017 over Q3 December 2016.

K P R Mill has one of the largest vertically integrated manufacturing capacities in India producing superior quality readymade knitted apparel.

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