Nitco becomes a sky scraper in this volatile market

When the going gets tough, the tough get going, this proverb in the current volatile markets is more suitable to stocks of Nitco Ltd., the stock which is trading at Rs 62 as at 9.47 am on June 28 is up by 3.42 per cent on an intraday basis. The stock in the last 5 days has gained as much as 45 per cent. In the last three months, the share prices of the company have risen by more than 65 per cent, making it a quintessential stock in its segment.

The shares' 52-week High/Low stands at Rs 60.15/21.15. 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 is majorly debt driven and that has hampered the firm. The current liability for 2015 stood at Rs 701.09 crores which has increased by 27 per cent as compared to 2014. 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.

On June 22, Bright Star Equities Private Limited had purchased 288,635 equity shares of Nitco at price of Rs 47.24 per share, (sources BSE bulk data).