Siyaram Silk Mills hits 52-week high as company increases its buyback price

Siyaram Silk Mills share price: Days after Larsen & Toubro (L&T) revised its buyback prices higher, textile manufacturing company Siyaram Silk Mills on Thursday raised its share buyback price. The company has increased the price to Rs 720 apiece from Rs 650 earlier.

Reacting to the development, shares of the company witnessed huge buying interest that pushed the share price to its fresh 52-week high of Rs 633.10 apiece on the BSE in the opening deals on Friday (September 15). The stock eventually ended at Rs 613.40, up 4.20 per cent on the BSE. 

The company further informed that the maximum number of equity shares proposed to be bought back by the company has been reduced from 16,61,530 (sixteen lakhs sixty-one thousand five hundred thirty) fully paid-up equity shares to 14,99,992 (fourteen lakhs ninety-nine thousand nine hundred ninety-two) equity shares, representing 3.20 per cent of the total number of equity shares of the company.

About Siyaram Silk

Siyaram Silk Mills is an Indian blended fabric and garment manufacturer with an associated chain of retail outlets and branded showrooms. Siyaram's was incorporated in 1978 and is headquartered in the Kamala Mills compound, Lower Parel, Mumbai. 

Siyaram Silk share price

The stock of the company has risen 15 per cent over the past three months (including today's high), Trendlyne data show.

Siyaram Silk Mills Q1 Results

The company reported a 68 per cent YoY decline in its net profit at Rs 10 crore against Rs 31 crore registered in the year-ago period. The company’s revenue for the quarter was down by 11 per cent to Rs 355 crore, as against Rs 399 crore logged in the corresponding quarter of the previous fiscal.