Intraday Spotlight: Orient Bell soars 18 per cent in a bear market; heres why!
The company has announced the completion of its capex projects.
Orient Bell Ltd, a small cap company engaged in furniture, home furnishing and flooring business, has jumped over 18 per cent today from its previous close of Rs 579.55 as the company has announced timely completion of its two capex projects which involved 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 commented.
The stock opened at Rs 595 and has made its day high of Rs 684 (+18 per cent). As of 11:30 am today, the stock was trading near Rs 672.70 on the BSE.
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.
The stock has a 52-week high and low of Rs 554.25 and Rs 272.50, respectively.