During Thursday’s trading session, the shares of a micro-cap company engaged in the business of tiles and marbles hit a 5 percent upper circuit at Rs. 130.45 on BSE, after securing an order worth Rs. 50 crores from Hindustan Associates.
With a market cap of Rs. 937.4 crores, the shares of NITCO Limited opened in the green at Rs. 130.45, up by 5 percent, as compared to its previous closing price of Rs. 124.25.
What’s the news
According to the latest regulatory filings with the stock exchanges, NITCO Limited has successfully established its first annual tie-up with a tile dealer post-initiation of its restructuring process and capital-raising efforts. The order is set to be executed over a one-year period.
The company has secured a contract worth Rs. 50 crores, split into about Rs. 4 crores allocated for the fourth quarter of the current financial year (FY25), and around Rs. 46 crores scheduled for the next financial year. This order has been awarded by Hindustan Associates, one of Mumbai’s largest tile dealers.
Previous Orders
16th December 2024 – NITCO Limited secured a new order valued at Rs. 105.4 crores from Prestige Estates Projects Limited for the supply of tiles, marble and mosaic.
18th December 2024 – The company received orders worth Rs. 105 crore from the real estate firm Prestige Group.
As per the order, NITCO will supply tiles and marble to Prestige Group’s several real estate projects spread across various cities in India.
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Financials
NITCO reported a decline in revenue from operations, experiencing a year-on-year decrease of nearly 18.5 percent, falling from Rs. 81 crores in Q2 FY24 to Rs. 66 crores in Q2 FY25.
Similarly, during the same period, the company’s net loss increased from Rs. 32 crores to Rs. 35 crores, representing a marginal decline of around 9.4 percent YoY.
Stock Performance
The stock has delivered multibagger returns of nearly 245 percent of returns in one year, while around 73 percent of positive returns in the last six months. However, the shares of NITCO Limited have fallen by around 7.2 percent in the last one month.
About the company
Incorporated in 1966, NITCO Limited is one of the leading players in the tiles and marble business, with manufacturing facilities located in Maharashtra and Silvassa. The company sells its products primarily in India through independent dealers/distributors and modern trade.
Written by Shivani Singh
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