Pokarna hits 52-week high as arm partners with IKEA India

Pokarna soared 20% at Rs 1,104, also its 52-week high on the BSE in intra-day trade, after the company said Pokarna Engineered Stone, its wholly-owned subsidiary, has partnered Swedish home furnishing products retailer IKEA in India, to serve as its exclusive quartz surfaces supplier and installation partner.

“Under the agreement, Pokarna will supply engineered quartz surfaces, counter-top and will also undertake measuring, planning, installation and home delivery of its products to IKEA's customer,” Pokarna said in a BSE filing.

Pokarna had reported 39% year on year growth in its consolidated net profit at Rs 34 crore for the first half (April-September) FY17, driven by better operational performance and lower interest expense.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved to 37.2% in H1FY17 from 31.3% in H1FY16.

Although the performance of the business continued to remain modest during the first half, easing of competitive intensity should help in delivering improved performance during the second half of the year, the company said in a release.

At 10:06 am; the stock was up 17% at Rs 1,075 on the BSE as compared to 0.02% decline in the S&P BSE Sensex. Around 37,000 shares changed hands on the counter so far against an average 534 shares were traded daily in past two weeks on the BSE.

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