Hydro S&S Industries galloped 7.93% to Rs 44.25 at 10:14 IST on BSE, after the company said on Wednesday, 17 September 2008, its board has approved buyback of equity shares of the company for an amount not exceeding Rs 2.63 crore.
The company made this announcement before trading hours today, 17 September 2008.
The stock hit a high of Rs 46.75 and a low of Rs 43.50 so far during the day. The stock has a 52-week high of Rs 81.60 on 1 January 2008 and a 52-week low of Rs 30.10 on 4 September 2008.
The company’s current equity is Rs 6.53 crore. Face value per share is Rs 10.
The current price of Rs 44.25 discounts Q1 June 2008 annualized EPS of Rs 0.25, by a PE multiple of 177.
The buyback will be through open market purchases at a price not exceeding Rs 60 per share, company said.
Hydro S&S Industries’ net profit fell 97.40% to Rs 0.04 crore on 36.90% increase in net sales to Rs 35.09 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing reinforced polypropylene compounds. Its products include polymer compounds.
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