Orient Bell shares zoom 13% as Porinju's Equity Intelligence hikes stake

Shares of Orient Bell advanced as much as 13 per cent to Rs 104.50 on the BSE after data showed Porinju Veliyath-led Equity Intelligence increased stake in the company.

Equity Intelligence bought 80,000 shares at an average price of Rs 91.87 on Friday, NSE bulk deal data showed. According to the shareholding pattern for the quarter ended June 2020, Equity Intelligence held 1.57 per cent stake in the company. 

At 01:24 pm, the stock was trading over 9 per cent higher at Rs 101.20 on the BSE. In comparison, the S&P BSE Sensex was ruling at 38,814 levels, up 1 per cent. Shares of the company had hit a 52-week high of Rs 151.55 on September 13, 2019 while its all-time high stands at Rs 375, hit on September 19, 2017. 

Orient Bell is one of the largest manufacturers of Ceramic and Vitrified Tiles. The company is headquartered in New Delhi. Its manufacturing plants are located at Sikandrabad in UP, Hoskote in Karnataka and Dora in Gujarat.

For the quarter ended June 2020, Orient Bell's revenue came in at Rs 42.73 crore, down 66.29 per cent against Rs 126.77 crore in March quarter. It reported a net loss of Rs 11.04 crore against Rs 5.41 crore profit in March 2020 quarter.