Cheviot Company Limited informed the exchanges on Thursday that the Board of Directors of the company shall meet through audio-visual means on September 9, 2020, to inter-alia consider the proposal for buy-back of ordinary shares of the company and matters incidental thereto.
On a gloomy trade on Friday, the company stock is pushing high. It is currently trading at Rs695.10 up by Rs38 or 5.78% from its previous closing of Rs657.10 on the BSE. The scrip opened at Rs674.30 and has touched a high and low of Rs698 and Rs661 respectively.
The company’s net profit for the quarter ended June in FY21 had increased 3.22% yoy from Rs12cr in June 2019 to Rs12.38 in June 2020. However, net sales were down 76.68% from Rs105.91cr in June 2019 to Rs24.70cr in June 2020.
The company manufactures and exports jute yarns and fabrics in India and internationally. They operate two business segments, namely Jute goods and Captive power generation. Considering the low sales dues to Covid-19 situation the company will mull for buyback to maintain the confidence of its investors.
