DCM Shriram Consolidated rallies 17%, hits 52-week high on plans to reward shareholders

NEW DELHI: DCM Shriram Consolidated Ltd rallied as much as 17.4 per cent in trade on Thursday after the company said that its board will meet on 22 February 2014 to consider various options for rewarding shareholders which includes plans for share buyback, bonus issue and dividends.

At 10:40 a.m.; DCM Shriram was trading 15.6 per cent higher at Rs 69.40. It hit a low of Rs 66 and a 52-week high of Rs 70.35 in trade today.

DCM Shriram Consolidated Ltd informed BSE on Wednesday that a special meeting of the Board of Directors will be held on February 22, 2014 to consider the report of Sub Committee of the Board to look at all options including share buy-back from the existing shareholders, review of dividends policy, bonus issues etc. for rewarding the Shareholders.

Earlier in the month of February, company has posted net profit of Rs.44.33 crores for the period ended December 31, 2013 as against Rs.60.75 crores for the period ended December 31, 2012, said media reports.

The company has reported net sales of Rs.1452.15 crores during the period ended December 31, 2013 as compared to Rs.1342.80 crores during the period ended December 31, 2012.