 "Nitco zooms nearly 50% in one-week on heavy volumes")
Nitco has moved higher to its 52-week high of Rs 60.15, up 20%, extending its past four-day rally on the BSE, on back of heavy volumes.
The trading volumes on the counter jumped three-fold with a combined 2.29 million shares representing 4% of total equity of Nitco changed hands on the BSE and NSE till 10:36 AM. An average sub one million shares were traded daily in past two weeks on both the exchanges.
In past one-week, the stock zoomed nearly 50% from Rs 40.25 on June 20, as compared to 1.8% decline in the S&P BSE Sensex.
On June 22, Bright Star Equities Private Limited had purchased 288,635 equity shares of Nitco at price of Rs 47.24 per share, the BSE bulk deal data shows. The name of the sellers not immediately ascertained.
The company is engaged in the manufacture and marketing of ceramic tiles (wall and floor), Naturoc (gres porcelain tiles), vitrified tiles, marble, as well as real estate development.
Nitco had posted a consolidated net loss of Rs 60 crore for the fiscal 2015-16 (FY16) against loss of Rs 119 crore in FY15.
The company said it is hopeful of a turnaround in future with strong focus on reduction in cost and identified non-core assets for sale.
The trading volumes on the counter jumped three-fold with a combined 2.29 million shares representing 4% of total equity of Nitco changed hands on the BSE and NSE till 10:36 AM. An average sub one million shares were traded daily in past two weeks on both the exchanges.
In past one-week, the stock zoomed nearly 50% from Rs 40.25 on June 20, as compared to 1.8% decline in the S&P BSE Sensex.
On June 22, Bright Star Equities Private Limited had purchased 288,635 equity shares of Nitco at price of Rs 47.24 per share, the BSE bulk deal data shows. The name of the sellers not immediately ascertained.
The company is engaged in the manufacture and marketing of ceramic tiles (wall and floor), Naturoc (gres porcelain tiles), vitrified tiles, marble, as well as real estate development.
Nitco had posted a consolidated net loss of Rs 60 crore for the fiscal 2015-16 (FY16) against loss of Rs 119 crore in FY15.
The company said it is hopeful of a turnaround in future with strong focus on reduction in cost and identified non-core assets for sale.
Due to failure of the package, the company had excited from corporate debt restructuring (CDR) mechanism. Consequently, thirteen Lenders aggregating approximately 86% of over CDR debts of the company have assigned their debts to JM Financial Assets Reconstruction Company Private Limited on March 31, 2016, it added.