Kajaria Ceramics gains after subsidiary kicks off production

Kajaria Ceramics rose 1.69% to Rs 564.10 after the company said its subsidiary commenced commercial production of tiles.

Kajaria Ceramics announced after market hours on Friday, 28 September 2019, that its wholly-owned subsidiary, Kajaria Tiles, started commercial production of tiles on 29 September 2019 at its manufacturing facility situated near Srikalahasti, Andhra Pradesh. The capacity of the said manufacturing facility of KTPL will be 5 million square metres (MSM) tiles per annum.

Meanwhile, the S&P BSE Sensex was down 286 points or 0.74% to 38,536.43.

On the BSE, 4570 shares were traded in the counter so far compared with average daily volumes of 41,000 shares in the past one quarter. The stock hit a high of Rs 571.15 and a low of Rs 560.9 so far during the day.

The stock hit a 52-week high of Rs 648.85 on 31 May 2019. The stock hit a 52-week low of Rs 316.2 on 23 Oct 2018.

On a consolidated basis, the tile manufacturer's net profit rose 11.9% to Rs 51.01 crore on a 6.5% increase in net sales to Rs 699.99 crore in Q1 June 2019 over Q1 June 2018.

Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India. It has an annual aggregate capacity of 43.60 MSM, distributed across seven plants-Sikandrabad in Uttar Pradesh, Gailpur in Rajasthan, four plants in Morbi in Gujarat and one at Vijayawada in Andhra Pradesh.

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