Shares of Swaraj Engines climbed 12% after the company said its board will consider buyback of shares on Tuesday. The announcement was made after market hours on Thursday.
“The Board of Directors of the Company will be held on November 28 to consider the proposal to buy back the fully paid-up equity shares of the Company.” the company said in the BSE filing.
The stock is currently trading at Rs2,106.5, up by Rs212.0 or 11.1% from its previous closing of Rs1,894.5 on the BSE. The scrip opened at Rs2,010 and has touched a high and low of Rs2,207 and Rs2,010 respectively.
Swaraj Engines (SEL) manufactures engines for Swaraj brand of tractors, owned by Mahindra & Mahindra (M&M). SEL caters to ~85% of M&M’s Swaraj tractor division. The company’s volume in FY17 rose 28%, outperforming industry volume growth of 18%.
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