Swaraj Engines buzzes on share buyback plan

The stock of Swaraj Engines spiked up by more than 10 per cent intraday on Friday. The upsurge was seen on the back of an announcement that the company's board is considering a buyback proposal.

The company informed the bourses that the Board of Directors will on November 28, 2017 consider a proposal to buyback the equity shares of the company.

Net profit of the company was at Rs 23.50 crore, up 22.08 per cent, year on year in the September quarter. The company's sales for the quarter stood at Rs 208.66 crore, up 16.63 per cent.

On Friday, the stock of Swaraj Engines closed at Rs. 1,987.05 per share, up by 4.89 per cent.

Swaraj Engines Limited (SEL) was promoted by Punjab Tractors Limited (which is now merged with Mahindra and Mahindra Ltd.) and Kirloskar Oil Engines Limited. SEL manufactures and supplies diesel engines and hi-tech engine components.