Here's why Nitco shares jumped 5% in trade on December 17; details inside

Nitco share price: Tiles maker Nitco shares surged up to 4.98 per cent to hit an intraday high of Rs 147.55 per share on Tuesday, December 17, 2024. 

 

The uptick in Nitco share price came after the company announced that it has secured an order Rs 105.40 crore from Prestige Estates Projects.

 

In an exchange filing, Nitco said, “We are pleased to inform you that the Company has secured a new order valued at Rs 105.40 crore from Prestige Estates Projects Limited. Additionally, based on the current ongoing projects, the Company anticipates receiving orders worth Rs 104 crore in the near future from Prestige Estates Projects Limited.”

 

 

Under the terms of the order, the company will be responsible for the supply of tiles, marble and mosaic. 

 

The time allotted to execute the order is 6 months, Nitco revealed in a statement.

 

About Nitco

 

Nitco, incorporated in 1966, is a prominent player in the tiles and marble industry, recognised for its diverse range of premium-quality products. 

 

The company operates over 50 retail outlets across India, catering to various segments such as designer bathroom tiles, kitchen tiles, outdoor tiles, and commercial tiles. Its extensive portfolio includes wall tiles, floor tiles, and marble, with products designed to meet both residential and commercial requirements. 

 

Nitco has also successfully expanded its customer base to international markets, offering innovative designs and superior craftsmanship.

 

Its product range spans across categories like ceramic tiles, vitrified tiles, designer tiles, wooden tiles, natural stone tiles, and mosaic, among others. 

 

To boost its offerings, the company has launched new collections such as the Prada Series, Cotto Series, and Moroccan-inspired motifs. 

 

With a robust distribution network comprising 15 offices, 432 direct dealers, 1,980 sub-dealers, and 9 exclusive display centres under brands like Le Studio Express and Nitco Galore, Nitco continues to strengthen its market presence. Internationally, Nitco has entered the Kenyan market by establishing its first store in Nairobi through an exclusive distributorship, marking its growing global footprint.

 

The market capitalisation of Nitco is Rs 1,034.41 crore, according to BSE. 

 

The 52-week high of Nitco share is Rs 148.50 per share, while its 52-week low is Rs 27.14 apiece.

 

At 12:35 PM, Nitco shares were trading 2.45 per cent higher at Rs 144 per share. In comparison, BSE Sensex was trading 0.87 per cent lower at 81,038.68 levels.