Shares of tiles manufacturer Orient Bell zoomed 18 per cent today after the firm announced an on-time completion of two projects involving a capital expenditure of Rs 20 crore. Orient Bell stock climbed 18.54 per cent to Rs 687 against the previous close of Rs 579.55 on BSE.
The stock opened with a gain of 2.67 per cent at Rs 595 today. Shares of Orient Bell were trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Orient Bell stock has gained 113.4 per cent in one year and risen 93.4 per cent since the beginning of this year.
Total 0.21 lakh shares of the firm changed hands amounting to a turnover of Rs 1.36 crore on BSE. The market cap of the company rose to Rs 954.93 crore.
Orient Bell in a communication to BSE said GVT Tile plant capacity in Sikandrabad (UP) has increased by 0.7 million square metres (MSM) per annum and there was a conversion of Dora plant (Gujarat) from ceramic floor to vitrified floor with incremental volume potential being around 1.2 MSM per annum.
Meanwhile, Crisil has upgraded the ratings of debt instruments of the company, which also turned investors upbeat on the stock.
"Crisil has upgraded the ratings outstanding for the debt instruments/ facilities of the company as under:- Long-Term Rating CRISIL A/Stable (Upgraded from 'CRISIL A-/Stable') Short-Term Rating CRISIL A1 (Upgraded from 'CRISIL A2+'). The upward revision in credit rating reflects the strong and consistent operational and financial performance of the company," it said.
Orientbell Tiles is a leading brand and manufacturer of ceramic and vitrified tiles with over 4 decades of serving customers across India. The company has an annual capacity of 31 plus million square meters, distributed across 3 plants, Sikandrabad, Hoskote and Dora and 2 associates entities in Morbi.
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