Elegant Marbles slips 8% on poor Q2 nos; approves buyback proposal
Shares of Elegant Marble and Granite Industries slipped 8 percent intraday Tuesday as it has reported weak numbers for the quarter ended September 2017.
The company’s Q2 (Aug-Sept) net profit declined 31 percent at Rs 94.64 lakh against Rs 1.38 crore in the same quarter last fiscal.
Revenue of the company was down 68 percent at Rs 2.16 crore against Rs 6.92 crore.
The company at its meeting held on November 28 has approved a proposal to buyback up to 8,40,000 equity shares of the company for an aggregate amount not exceeding Rs 17,22,00,000 at a price of Rs 205 per equity share from all existing shareholders of the company.
At 14:58 hrs Elegant Marble and Granite Industries was quoting at Rs 185.60, down Rs 11.75, or 5.95 percent on the BSE
Posted by Rakesh Patil