The shares of the micro-cap company rose 9.7% in Wednesday trading session after Bank of America acquired 6.66 lakh shares amounting to a 1.48% stake in the company.
Share price variations:
With a market capitalization of Rs. 429.92 crores, the shares of Exxaro Tile Limited opened the trading session at Rs. 97.11 about 1% above the previous day’s close of Rs. 96.09, and went up to close at an intraday high of Rs. 105.44 up 9.7% from the previous close.The stock was closed at Rs. 99.37 up 3.41% above the previous close.
Reason for Rise:
The recent movement in Exxaro Tile Limited stock price was triggered after the report that BofA Securities Europe SA (“BofASE”), a subsidiary of Bank of America Corporation (BAC), has acquired 6.66 lakhs shares amounting 1.48% stake in the company on the second half of Tuesday for a price of Rs. 96.22 per share. The total deal will value up to Rs. 64 crores.
The company is set to discuss a potential stock split at its board meeting on October 14th. This news, along with the other, has triggered a 23% rally in the stock over the last two trading sessions.
Financial Performance:
For Q1FY25 the company reported a net loss of Rs. 4.27 crores compared to net profit Rs. 0.17 crores in Q1FY24, while revenue from operations reduced to Rs.59.83 crores from Rs. 74.13 crores in comparison to the same period.
Recent Updates:
The company opened its second global showroom in Thimphu, Bhutan, on September 25, 2024. In August, it also resumed operations at its previously shut-down plant following essential equipment upgrades and maintenance.
About the company:
Exxaro Tiles Ltd specializes in the manufacturing and marketing of vitrified tiles, primarily for flooring solutions. Its main brands include Topaz, Galaxy, and High Gloss.
The company operates through over 2,000 registered dealers and has a presence in 27 states, also supplying products to international markets. It has two
manufacturing facilities in Gujarat, with a combined production capacity of 14.6 million square metres per year. Additionally, the company maintains six display centres across six cities and has marketing offices in Delhi and Morbi.
Written By Joseph Pv
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