Swaraj Engines jumps on buyback plan

Swaraj Engines rose 10.32% to Rs 2,090 at 9:16 IST on BSE after the company said its board will consider buyback on 28 November 2017.

The announcement was made after market hours yesterday, 23 November 2017.

Meanwhile, the S&P BSE Sensex was up 75.91 points, or 0.23% to 33,663.99.

On the BSE, 1,766 shares were traded in the counter so far, compared with average daily volumes of 563 shares in the past one quarter. The stock had hit a high of Rs 2,109 and a low of Rs 2,010 so far during the day. The stock hit a record high of Rs 2,545 on 21 June 2017. The stock hit a 52-week low of Rs 1,290 on 2 January 2017.

The stock had underperformed the market over the past 30 days till 23 November 2017, falling 6.17% compared with 1.65% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.28% as against Sensex's 6.30% rise. The scrip had outperformed the market in past one year, rising 43.35% as against Sensex's 29.88% rise.

The small-cap company has equity capital of Rs 12.42 crore. Face value per share is Rs 10.

Swaraj Engines said that a meeting of its board of directors will be held on 28 November 2017, to consider the proposal of buyback of equity shares of the company.

Net profit of Swaraj Engines rose 22.08% to Rs 23.50 crore on 16.63% rise in net sales to Rs 208.66 crore in Q2 September 2017 over Q2 September 2016.

Swaraj Engines is into manufacturing and supplying of diesel Engines. It also manufactures hi-tech engine components.

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