Orientbell shares rise 18 per cent after capital expenditure

Shares of tiles manufacturer Orient Bell increased 18 per cent today after the firm announced the completion of two projects involving a capital expenditure of Rs 20 crore. Orient Bell stock went up 18.54 per cent to Rs 687 against the previous close of Rs 579.55 on the BSE.

The stock opened at Rs 595 with a gain of 2.67 per cent. The shares of Orient Bell were higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock of Orient Bell has gained 113.4 per cent in a single year and increased 93.4 per cent since the beginning of the year.

There were 0.21 lakh shares of the firm that changed hands, which was a turnover of Rs 1.36 crore on the BSE. The market cap of the company rose to 954.93 crore.

In a communication to BSE, Orient Bell said GVT Tile plant capacity in Sikandrabad UP has been 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 an incremental volume potential of around 1.2 MSM per annum.

Crisil has raised the ratings of debt instruments of the company, which has also turned investors positive about the stock.

Crisil upgraded the ratings outstanding for the debt instruments facilities of the company as '' Long-term Rating CRISIL A Stable Upgraded from 'CRISIL A 2 The upward revision of the 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 tiles with over 4 decades of service in 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.