Sreeleathers jumps on buyback proposal

Sreeleathers surged 8.7% to Rs 205 at 10:50 IST on BSE after the company said its board meeting is scheduled on 14 October 2017, to consider a proposal for buyback of equity shares of the company.

The announcement was made after market hours yesterday, 10 October 2017.

Meanwhile, the S&P BSE Sensex was up 155.23 points or 0.49% at 32,079.64. The S&P BSE Small-Cap index advanced 136.86 points or 0.81% at 17,029.36.

On the BSE, 9,699 shares were traded on the counter so far as against the average daily volumes of 1,795 shares in the past one quarter. The stock had hit a high of Rs 207 and a low of Rs 193.05 so far during the day. The stock had hit a 52-week high of Rs 220 yesterday, 10 October 2017 and a record low of Rs 104 on 18 November 2016.

The stock had outperformed the market over the past one month till 10 October 2017, advancing 21.13% compared with the Sensex's 0.75% rise. The stock had also outperformed the market over the past one quarter, gaining 12.03% as against the Sensex's 0.66% rise.

The small-cap company has equity capital of Rs 25.16 crore. Face value per share is Rs 10.

Sreeleathers' net profit rose 73.8% to Rs 4.31 crore on 48.1% growth in net sales to Rs 31.63 crore in Q1 June 2017 over Q1 June 2016.

Sreeleathers is engaged in the business of dealing in footwear and leather accessories. The company is also engaged as retailer and wholesaler of footwear and leather articles.

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