SKF soars on backdrop of equity buy-back
DSIJ Intelligence / 09 Feb 2017
While the market is trading flat on Thursday, shares of SKF India has risen about 4.7 per cent to make a high of Rs 1,425 per share as the company announced a proposal for buying back of equity shares of the company.
While the market is trading flat on Thursday, shares of SKF India has risen about 4.7 per cent to make a high of Rs 1,425 per share as the company announced a proposal for buying back of equity shares of the company.
The board of directors are scheduled to meet on February 13, 2017 to consider a proposal for buy-back of equity shares of the company. SKF has been a leading global technology provider since 1907, majorly doing business in bearing making. The company is growing steadily with revenue rising quarter on quarter and has zero debt in the company's balance sheet.
Buying back shares of its own company boosts the confidence among investors as the firm prefers investing in its own company, which it considers to be more profitable than investing in any other business or project. The company is already trading above its 50 and 200DMA of 1,276.84 and 1,329.12 level, which shows the bullishness in its stock movement.
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