Porinju's Equity Intelligence hikes stake in Orient Bell; shares surge 12%

Shares of Orient Bell surged over 12 per cent in Monday’s early trade after bulk deal data showed that Porinju Veliyath-owned Equity Intelligence India on Friday acquired an additional 80,000 shares in the company at Rs 91.87 per share.

Equity Intelligence India held 1.57 percent stake, or 2,25,000 shares, in the company at the end of June.

The scrip traded 12.85 per cent higher at Rs 104.50 at around 9.30 am (IST), while the benchmark BSE Sensex traded 0.50 per cent higher at 38,626 at around the same time.

On a year-to-date basis, shares of Orient Bell have declined nearly 30 per cent till August 21, while the 30-share Sensex has slipped 6.83 per cent during the same period.

With a price-to-earnings ratio of -29.10, market capitalisation of the company is hovering at Rs 144.82 crore.

For the quarter ended June 30, the company posted a consolidated net loss of Rs 11.42 crore against a net profit of Rs 0.50 crore in the corresponding quarter last year. Revenue from operations declined 64.46 per cent YoY to Rs 42.72 crore.

Orient Bell is engaged in the manufacture and trading of digital, vitrified, ceramic and ultra-vitrified tiles.