Nitin Fire Protection jumps on buyback plan

Nitin Fire Protection Industries jumped 4.35% to Rs 56.35 at 14:59 IST on BSE after the company said its board approved buyback of equity shares.

The company made the announcement during trading hours today, 13 August 2013.

Meanwhile, the BSE Sensex was up 283.69 points, or 1.50%, to 19,230.67.

On BSE, 77,000 shares were traded in the counter compared with average volume of 57,291 shares in the past one quarter.

The stock hit a high of Rs 58.30 and a low of Rs 53.60 so far during the day. The stock hit a record high of Rs 83.30 on 13 November 2012. It hit a 52-week low of Rs 48.50 on 29 July 2013.

The stock had underperformed the market over the past one month till 12 August 2013, sliding 12.90% compared with the Sensex's 5.07% decline. The scrip had also underperformed the market in past one quarter, falling 16.47% as against Sensex's 5.84% fall.

The small-cap company has an equity capital of Rs 44.11 crore. Face value per share is Rs 2.

Nitin Fire Protection Industries said its board approved the proposal of buying back equity shares of the company at a price not exceeding Rs 66.60 per equity share. The total buyback amount will not exceeding 10% of total paid-up capital and free reserves of the company as at 31 March 2013, the company said.

The maximum buyback price of Rs 66.60 is 18.19% premium to the ruling market price.

Meanwhile, the company also announced its Q1 result during trading hours today, 13 August 2013.

On a consolidated basis, Nitin Fire Protection Industries' net profit declined 33.89% to Rs 11.10 crore on 4.16% increase in total income from operations (net) to Rs 199.12 crore in Q1 June 2013 over Q1 June 2012.

Nitin Fire Protection Industries makes fire protection and intelligent building management systems. The company provides end-to-end solutions for fire protection, comprising manufacturing, designing, engineering, commissioning and maintenance.

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