Kirloskar Oil approves buyback; stock rises 6%

Kirloskar Oil BSE | NSE 23/02/12 Are Mutual Funds betting on Kirloskar Oil?

Kirloskar Oil Engines has approved buyback at up to Rs 170 per share. The company will spend up to Rs 73.6 crore on share buyback, reports CNBC-TV18.

The company has declared its Q3 number. Its Q3 net profit was down at Rs 34.9 crore versus Rs 39.3 crore, YoY. Its net sales were up at Rs 586 crore versus Rs 576 crore, YoY.

Kirloskar Oil Engines touched an intraday high of Rs 153 and an intraday low of Rs 138.35. At 13:42 hrs the share was quoting at Rs 148.50, up Rs 8.50, or 6.07%.
 
It was trading with volumes of 93,493 shares, compared to its 5-day average of 8,194 shares, an increase of 1,041.02%.
 
In the previous trading session, the share closed up 0.68% or Rs 0.95 at Rs 140.