Pokarna zooms over 100% in one month

The stock rallied 123% to Rs 580, also its record high on BSE, from Rs 260 on October 20.

Shares of Pokarna has locked in upper circuit for nine straight trading sessions, up 5% at Rs 580, also its record high on BSE.
 

At 1235 hours, around 229,000 shares changed hands and there are pending buy orders for 65,275 shares on BSE. The trading volumes on the counter jumped over three-fold.

The stock of the country’s largest exporter of finished granite has been more-than-doubled in past one month from Rs 260 on October 20, compared to 5.7% rise in the benchmark S&P BSE Sensex.

Meanwhile, it rallied 48% from Rs 393 on November 10, after the company posted a robust 217% growth in net profit at Rs 2.95 crore for the quarter ended September 2014. The company had profit of Rs 90 lakh in the same quarter last fiscal.

The company had surpassed its entire previous fiscal net profit of Rs 4.88 crore during the first half (April-September) of current financial year. It reported profit of Rs 5.16 crore for H1FY15, due to improved performance on account of higher off take.

The better cost control resulting in enhancing operating margins to 21.6% in H1FY15 from 12.3% H1FY14.

The company said demand for natural-stone countertops in US market is expected to grow at a CAGR (compound annual growth rate) of 7.6% until 2017.

Engineered stone (Quartz) expected to account for 77 million ft² in US countertops market by 2017 and annual growth rate for Quartz estimated to be 7.4% in the US market, it added.