Orient Bell stock skyrockets 16% on completion of two projects involving capex of Rs20 crore

29 Jun 2022 , 01:07 PM

Orient Bell Limited stock skyrocketed over 17% on Wednesday as the company announced on-time completion of two of its projects involving CAPEX of ~Rs20 crore:

• GVT Tile plant at Sikandrabad (U.P.) — increase in capacity by 0.7 MSM p.a.
• Conversion of Dora plant (Bharuch District, Gujarat) from Ceramic Floor to Vitrified Floor — incremental volume potential being ~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 in development and production of these new age products”, the company said in a filing.

In addition to this, “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” said Aditya Gupta, CEO of the Company commented.

At around 1:06 PM, Orient Bell was trading at Rs673.65 per share up by Rs94.1 or 16.24% from its previous closing of Rs579.55 per share on the BSE.