Lakshmi Machine Works gains as board to consider buyback proposal

Lakshmi Machine Works rose 3.32% to Rs 4,487.75 at 10:35 IST on BSE after the company scheduled a board meeting on 26 October 2016 to consider a proposal for buyback of the equity shares of the company.

The announcement was made after market hours on Friday, 21 October 2016.

Meanwhile, the BSE Sensex was up 45.99 points, or 0.16%, to 28,120.16

On BSE, so far 7,923 shares were traded in the counter, compared with average daily volume of 6,698 shares in the past one quarter. The stock hit a high of Rs 4,600 and a low of Rs 4,470.90 so far during the day. The stock hit a record high of Rs 4,698.50 on 6 October 2016. The stock hit a 52-week low of Rs 3,050 on 26 February 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, falling 1.16% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 16.48% as against Sensex's 0.99% rise.

The mid-cap company has equity capital of Rs 11.27 crore. Face value per share is Rs 10.

Net profit of Lakshmi Machine Works declined 23.3% to Rs 33.14 crore on 9.9% decline in net sales to Rs 544.70 crore in Q1 June 2016 over Q1 June 2015.

Lakshmi Machine Works manufacturers entire range of textile spinning machinery from blow room to ring spinning.

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