Supreme Petrochem jumps as board to consider buyback

Supreme Petrochem surged 9.15% to Rs 65 at 9:16 IST on BSE after the company said its board will meet on 21 April 2014, to consider the buyback of equity shares of the company.

The announcement was made after market hours on Wednesday, 9 April 2014.

Meanwhile, the S&P BSE Sensex was up 62.08 points or 0.27% at 22,764.42.

On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 16,000 shares in the past two weeks.

The stock hit a high of Rs 66.70 and a low of Rs 63.85 so far during the day.

Supreme Petrochem said that its board of directors will meet on 21 April 2014, to consider the buyback of equity shares of the company to such extent [not exceeding 10% of the networth (paid-up equity capital and free reserves) of the company] on such terms and conditions as the board may decide in accordance with Sebi (buy-back of Securities) Regulations, 1998, including any amendments, statutory modification(s) or re-enactments thereof.

Supreme Petrochem reported a net loss of Rs 13.47 crore in Q2 December 2013 as against net profit of Rs 27.06 crore in Q2 December 2012. Net sales rose 2.3% to Rs 806.98 crore in Q2 December 2013 over Q2 December 2012.

Supreme Petrochem owns and operates a polystyrene facility, with an installed capacity of 2,72,000 tonnes per annum (TPA) in Raigad. The facility also includes a colouring and compounding facility with an installed capacity of 25000 TPA.

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