What Triggered A Rally In Pokarna’s Stock
Shares of Pokarna Ltd. jumped to their highest in more than three years after the granite processor and exporter announced commencement of operations at its second facility.
The company has commenced commercial operations at its state-of-the-art quartz surface manufacturing facility in Telangana, according to an exchange filing. That is said to be one of the world's largest such units with a built-up area of more than 6 lakh square feet.
"Equipped with the highest level of process automation, the factory supports the company's objectives for eco-sensitive, sustainable production in keeping with the highest global norms," the filing said.
The facility is equipped with the most advanced technologies from Italy, to produce super jumbo, jumbo and regular size slabs.
"This milestone will further increase Pokarna Engineered Stone Ltd.'s capabilities to please its vast customer base across North America, Europe, Middle East and India," Chairman and Managing Director Gautam Chand Jain was quoted as saying in the filing.
Pokarna, in its annual report released in September last year, said construction and commercialisation of its greenfield quartz surface facility had been delayed by nine months due to the coronavirus pandemic. "Through this state-of-the-art facility, we would be developing more sophisticated designs mimicking luxury marble, quartzite and other exotic natural stone looks to distinguish our products in the market place and improve our margins," the company had stated in the report.
The company claims to be the largest exporter of finished granite in India and one of the largest in Asia, with exports to more than 12 countries.
Shares of Pokarna gained as much as 16% to Rs 267 apiece, and are trading at the highest since January 2018. This is also the biggest single-day gain for the stock since November 2018.