This small cap company is soaring on the bourses on June 29
Orient Bell Ltd, has surged more than _ % after the company announced the completion of its capex projects.
Orient Bell is engaged in the manufacturing, trading and selling of ceramic and floor tiles. Its chain of exclusive signature showrooms is where the customers can witness the product spectrum. The company has become one of the largest manufacturers of ceramic and vitrified tiles.
In a volatile market, the share price of the company jumped 13.77% and at 3:15 pm, the scrip is trading at Rs 659.35.
The company has announced on-time completion of two of its projects involving Capex of Rs 20 crore. The first one was the GVT tile plant at Sikandrabad (UP) to increase the capacity by 0.7 msm p.a. The second one was a conversion of the Dora plant from ceramic floor to vitrified floor - incremental volume potential being about 1.2 msm p.a.
“Consumers are progressively preferring larger and more high-value products like vitrified tiles. To be able to cater to this shift in demand, we too are allocating more and more resources to the development and production of these new age products. Very pleased to announce that as committed, we have yet again delivered our two marquee CAPEX projects at Sikandrabad and Dora well ahead of schedule and within the CAPEX agreed”, Aditya Gupta, CEO of the company stated.
For the quarter that ended March 2022, the company's consolidated profit after tax was reported at Rs 16.19 crore witnessing a surge of 102.12% from the same quarter the previous year. It reported sales of Rs 213.81 crore against Rs 180.42 crore in the same quarter last year, witnessing a jump of 18.51%.
On Wednesday, the stock touched its fresh 52-week high of Rs 687.55 and it has a 52-week low of Rs 284.30.
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