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Orient Bell rises on entering into agreement with Ceramic Tile Manufacturing Company

  • Aug-11-2017
  • 15 Hrs IST

Orient Bell is currently trading at Rs. 230.00, up by 5.50 points or 2.45% from its previous closing of Rs. 224.50 on the BSE.

The scrip opened at Rs. 215.00 and has touched a high and low of Rs. 235.00 and Rs. 211.00 respectively. So far 6155 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 298.00 on 16-May-2017 and a 52 week low of Rs. 138.80 on 21-Nov-2016.

Last one week high and low of the scrip stood at Rs. 253.00 and Rs. 211.00 respectively. The current market cap of the company is Rs. 325.58 crore.

The promoters holding in the company stood at 72.28%, while Institutions and Non-Institutions held 0.15% and 27.57% respectively.

Orient Bell has entered into an agreement with Ceramic Tile Manufacturing Company at Morbi (Gujarat) and its Promoters to acquire 26% equity stake. The said company is setting up a new plant to manufacture about 5.2 million square meters of wall tiles per annum at Morbi (Gujarat) and likely to start Commercial Production by the end of March 2018. This strategic stake will give complete access to the company in order to procure and sell the substantial quantity of tiles to be manufactured by the said company.

Orient Bell, formerly Orient Ceramics and Industries, is engages in the manufacture and marketing of ceramic and vitrified tiles. It provides non-vitrified, vitrified, ultra vitrified, and fired decorative tiles for walls, floors, and facades; and imports and markets vitrified porcelain tiles, borders, motifs, and other value added accessories.