Kajaria Ceramics gleams on stock split, GDR issue

DALAL STREET SPIKES

Kajaria Ceramics saw sustained buying interest on Friday, following stock split and an approval for its GDR issue. The stock ended the day at Rs.233.30, a 4.83 per cent appreciation over yesterday¿s close.

Volumes at the BSE amounted to 38,580 shares. Earlier in the day, the company informed the BSE that the board of directors of the company has approved a stock-split from Rs 10 to Rs 2 each and issue of GDR or FCCBs up to $30 million for capital expenditure.

The company is the second largest player in the ceramic tiles market in India and has a market share of 10 per cent in the organised sector.

Its products include glazed tiles and Listello tiles under the Kajaria brand name. Kajaria Ceramics reported a 25.60 per cent growth in net profit to Rs 5.05 crore during the first quarter this fiscal, while net sales rose 8.40 per cent to Rs 61.58 crore.