DCM Shriram up by 12 per cent on considering share buyback

The share price of DCM Shriram shot up by over 12 per cent in Tuesday’s trade as news surfaced that the company will be considering a share buyback proposal on June 18.

The share surged to its intraday high of Rs. 306 per share and posted an intraday low of Rs. 279.05 per share on BSE. The stock also recorded a spurt in volume by over 6.09 times as against its average volume.

The stock hit its 52-week high of Rs. 628.05 per share on January 22, 2018 and its 52-week low of Rs. 222.55 per share on May 16, 2018 on BSE, respectively.

The company posted a hike of over 31 per cent in its net profit to Rs. 688.44 crore in the fiscal year 2018 as against Rs. 522.07 crore in the previous fiscal year. The company’s revenue also rose by 14 per cent to Rs. 6,912.99 crore in the fiscal year 2018 on a yearly basis.

At 1426: hours IST, the stock was trading at Rs. 296.55 per share, up by 9.49 per cent on BSE on Tuesday. Meanwhile, Indian benchmark indices S&P BSE Sensex was trading at 35,661.95 level, up by 0.50 per cent and NSE Nifty50 was trading at 10,834.60 level, up by 0.44 per cent.