Company Overview and News
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Kajaria Ceramics, the largest manufacturer of ceramic and vitrified tiles, will be setting up a new state-of-the-art manufacturing plant at Tirupati at an investment of ₹125 crore.
Kajaria Ceramics which has already rallied over 50 percent so far in the year 2017 could see a further upside of 10 percent in the next 12-months, said a brokerage note.
On September 27 Westbridge Crossover Fund LLC sold 9,59,265 shares of Kajaria Ceramics at Rs 719.21 on the BSE and sold 9,21,689 shares at Rs 719.63 on the NSE.
On September 20, 2017 Westbridge Crossover Fund LLC FDI sold 35,75,000 shares of Kajaria Ceramics at Rs 722.62 on the NSE.
Open interest and share prices of BEML, Kajaria Ceramics and Tata Chemicals have witnessed long build up positions during Tuesday’s trading session. (4-0)
Kajaria Ceramics is the largest tile manufacturer in India, with a 63.9 million square metres (msm) annual capacity (25.6 msm ceramic tile, 30.4 msm polished vitrified tiles and 9.3 msm glazed vitrified tile).
At a time when the brokerage is estimating lower sales and profit in the Q1 period (ended in June) for Kajaria Ceramics Limited, the company is bullish on the growth of tiles industry by six to nine per cent in the year, riding on conducive policy environment.
The Rs 26,500-crore ceramic tiles industry in India is set to witness nearly 9 per cent growth in demand this year, higher than the 3-5 per cent growth recorded last year.
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Further rally in the Indian equity market (read Nifty 50), which has gained 16 per cent year-to-date, will be delayed as earnings growth will be hit on account of implementation of the Goods and Services Tax (GST) — the second-biggest reform in nine months (after demonetisation) — from July 1.
The board of Kajaria Ceramics on Thursday accepted the resignation of Dev Datt Rishi from the position of Whole Time Director, designated as Director-Technical, effective from the close of working hours of June 30. Dev Datt Rishi will continue to be a non-executive Director from July 1. The board has also approved the disposal of 73.60 lakh equity shares of ₹10 each of Taurus Tiles Private Ltd, subsidiary, at an aggregate consideration of ₹375.
As the economy gears up for the goods and services tax (GST), this change is expected to be a welcome one for the tiles industry by creating a seamless national market for the organised players resulting in the removal of interest rate barriers and an improvement in supply chain.
Raamdeo Agrawal, holding 36% of Motilal Oswal worth $900 million, says India should walk the talk on developing infrastructure and job creations