SKF India rises after board OKs buyback

SKF India rose 2.68% to Rs 1754 at 10:34 IST on BSE after the company said its board approved share buyback.

Meanwhile, the S&P BSE Sensex was down 391.18 points, or 1.15% to 33,642.78.

On the BSE, 2,919 shares were traded in the counter so far compared with average daily volumes of 1,148 shares in the past two weeks. The stock had hit a high of Rs 1776.70 and a low of Rs 1740 so far during the day. The stock hit a 52-week high of Rs 2,010 on 1 January 2018. The stock hit a 52-week low of Rs 1,530.20 on 25 October 2017.

The board of directors of SKF India, India's leading technology and solutions provider of bearings, seals, lubrication systems and services, approved a buyback proposal, subject to the approval of the shareholders, for purchase by the company of up to 19 lakh equity shares (representing 3.70% of the total paid up equity capital of the company) of Rs 10 each from the shareholders of the company on a proportionate basis by way of a tender offer at a price of Rs 2100 each for an aggregate amount not exceeding Rs 399 crore. The announcement was made after market hours yesterday, 24 October 2018.

Net profit of SKF India rose 13.98% to Rs 84.30 crore on 12.68% rise in net sales to Rs 766.04 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 24 October 2018.

Commenting on the occasion Manish Bhatnagar, managing director, SKF India said that the company has posted a steady financial performance in this quarter with a robust growth in both industrial and automotive markets. Despite macroeconomic headwinds due to rising oil prices, a weakening currency and tightening credit markets, the firm has delivered its results by working closely with customers to deliver customized products and solutions that reduce their total cost of ownership and improve their overall productivity.

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