Pokarna surges 16% in a weak market; hits over 3-year high

Topics Pokarna | Buzzing stocks | Markets

Pokarna shares, on Thursday, surged 16 per cent and hit an over three-year high of Rs 266.50 in intra-day trade on the BSE after Pokarna Engineered Stone Limited (PESL), a wholly-owned subsidiary of the company, announced the commencement of commercial operations of its second state-of-the-art quartz surface manufacturing facility in the country. The new plant is located at Mekaguda Village in Telangana, India.

The stock of the construction materials company was trading at its highest level since January 2018. It hit an all-time high of Rs 323 on April 2017. At 09:32 am, it was trading 13 per cent higher at Rs 259, as compared to 0.68 per cent decline in the S&P BSE Sensex. The trading volumes on the counter more-than-doubled with a combined around 330,000 equity shares changing hands on the NSE and BSE.

“With a built up area of over 600,000 square-feet, PESL’s Unit 2 is one of the world’s largest quartz surfaces manufacturing facilities, equipped with most advanced ‘Bretonstone’ technologies, from Breton SpA of Italy, to produce Super Jumbo, Jumbo and Regular size slabs,” Pokarna said in an exchange filing.

The management said this milestone will further increase PESL’s capabilities to please its vast customer base across North America, Europe, Middle East, India; from major existing markets to fast-growing new markets.

Exported globally under the brand name of Quantra Quartz, PESL’s surfaces and fabricated products range from sinks and basins to shower trays and vanities and are now being launched in India, the company said.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel