Share Buyback Plan: Stocks of Swaraj Engines Spikes

Swaraj Engines LimitedThe stock of Swaraj Engines Limited rose by more than 10% intraday on Friday on the back of an announcement that the company is considering a buyback proposal.

Swaraj Engines informed the exchange that the Board will consider the buyback proposal on Nov 28, 2017. The stock of Swaraj Engines closed on Friday, at Rs 1,987.05 per share, up by 4.89 percent.

The company’s sales for the September quarter figured at Rs. 208.66 crore, up 16.63%. The Net profit stood at Rs 23.50 crore, up 22.08%, year on year in the September quarter.

Swaraj Engines Limited (SEL) was promoted by Punjab Tractors Limited, which has been merged with M&M and Kirloskar Oil Engines Ltd. Swaraj Engines Limited is engaged in the manufactures and supplies diesel engines and hi-tech engine components.

The BSE Sensex today closed higher by 91 points at 33,679, while the NSE Nifty-50 closed higher 41 points at 10,390. For the week, Sensex and Nifty Indices rose 1 percent each.