DCM Shriram rallies 7% on share buyback proposal

NEW DELHI: Stock of DCM Shriram lapped up the news of a share buyback proposal as it surged over 7 per cent on Tuesday.

The company informed stock exchanges that its board will meet on June 18 to consider a share buyback proposal.

Following the announcement, the stock rose 7.23 per cent to hit a high of Rs 290.45 on the BSE early today.


"In terms of the company's code of conduct framed under Sebi (Prohibition of Insider Trading) Regulations, 2015, the 'trading window' in respect of the equity shares of the company will remain closed from June 12 to June 20 -- both days inclusive -- for the insiders of the company as covered under the said code," the company informed the BSE.

The diversified company reported a 67.57 per cent plunge in net profit at Rs 50.71 crore for the March quarter against Rs 156.35 crore last year.

Net sales for January-March declined 3.30 per cent to Rs 1,550.69 crore, from Rs 1,603.66 crore in the year-ago quarter.