Praj Industries gains on buyback plan

The company made this announcement before trading hours today, 5 December 2011.

Meanwhile, the BSE Sensex down 95.69 points, or 0.57% to 16,751.14.

On BSE, 2.08 lakh shares were traded in the counter as against average daily volume of 3.14 lakh shares over the past one quarter.

The stock hit a high of Rs 82 and a low of Rs 78.75 so far during the day. The stock had hit a 52-week high of Rs 95.45 on 25 July 2011. The stock had hit a 52-week low of Rs 61.80 on 11 February 2011.

The mid-cap stock had underperformed the market over the past one month till 2 December 2011, falling 7.08% compared with the Sensex's decline of 3.54%. The scrip had, however, outperformed the market in past one quarter, rising 10.55% as against 0.15% rise in the Sensex.

 

The company's equity capital is Rs 36.95 crore. Face value per share is Rs 2.

Praj Industries' board directors at its meeting held on Saturday, 3 December 2011 has approved a buyback of equity shares for an aggregate amount of up to Rs 55.86 crore at a price not exceeding Rs 90 per equity share. The buy-back will be made from the open market through the Stock Exchanges, the company said in a statement.

Praj Industries' net profit jumped 130.7% to Rs 20.53 crore on 111.6% spurt in net sales to Rs 228.90 crore in Q2 September 2011 over Q2 September 2010.

Praj Industries offers innovative solutions to significantly add value in bio-ethanol, alcohol, brewery plants, process equipment and water and wastewater treatment systems for customers worldwide.

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