Vardhman Textiles scales record high as board to consider share buyback

Vardhman Textiles jumped 11.56% to Rs 1,070.05 at 09:41 IST on BSE after the company scheduled a board meeting on 24 September 2016 to consider share buyback proposal.

The announcement was made after market hours yesterday, 20 September 2016.

Meanwhile, the S&P BSE Sensex was up 34.17 points, or 0.12%, to 28,557.37

On BSE, so far 36,000 shares were traded in the counter, compared with an average daily volume of 12,559 shares in the past one quarter. The stock hit a high of Rs 1,116.75 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 1,022 so far during the day. The stock hit a 52-week low of Rs 651.50 on 20 January 2016. The stock had underperformed the market over the past 30 days till 20 September 2016, falling 2.69% compared with 1.92% rise in the Sensex. The scrip also underperformed the market in past one quarter, rising 5.44% as against Sensex's 6.57% rise.

 

The mid-cap company has an equity capital of Rs 63.65 crore. Face value per share is Rs 10.

Vardhman Textiles' consolidated net profit rose 24.16% to Rs 178.27 crore on 0.97% rise in net sales to Rs 1474.17 crore in Q1 June 2016 over Q1 June 2015.

Vardhman Group is a leading textile conglomerate in India. The group business portfolio includes yarn, greige and processed fabric, sewing thread, acrylic fibre and alloy steel.

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