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News

18 February 2022

Stock of this building products company has zoomed 100% since December



Shares of Everest Industries hit an all-time high of Rs 748.90, rallying 14 per cent on the National Stock Exchange (NSE) in Friday’s subdued market on the back of heavy volumes. At 10:16 am, the S&P BSE Sensex was down 0.09 per cent at 17,289 points. The trading volumes on the counter more-than-doubled with a combined 597,000 shares having changed hands on the NSE and BSE in first one hour of trade.

Since December 2021, the stock of the building products company has zoomed 100 per cent from a level of Rs 374.65 on November 30, 2021. In comparison, the benchmark index was up 1.3 per cent during the same period.

In October-December quarter (Q3FY22), foreign portfolio investors (FPIs) have increased their stake in Everest Industries by 135 percentage points to 3.2 per cent from 1.85 per cent at the end of September quarter (Q2FY22). Massachusetts Institute of Technology had purchased 270,000 shares or 1.73 per cent stake in Everest Industries during Q3FY22. FPIs held nil holding in the company in Q2FY22.

Everest Industries is engaged in the business of manufacturing fibre cement products with manufacturing facilities located at Madhya Pradesh, West Bengal, Tamil Nadu, Maharashtra, Uttarakhand and Odisha. The company is also in the business of steel buildings with plants located at Uttarakhand, Jharkhand and Gujarat. It offers building products and building solutions for housing, commercial and industrial sectors in India and abroad.

Everest Industries in financial year 2020-21 (FY21) annual report had said that it was cautiously optimistic about the growth in the roofing business given the probability of a good monsoon and government spending in the rural sector. The increase in steel prices also helps in the shift from metal sheets to AC roofing sheets.

For the Everest Steel Building Solutions (ESBS) business, the move by global corporations to shift production bases from across the world to India as a result of the COVID-19 pandemic is likely to create the next round of opportunities, the company said.

Meanwhile, for Q3FY22, the company has reported a 33.6 per cent year-on-year (YoY) growth in consolidated net profit at Rs 7.19 crore, on back of higher operational income. Revenue from operations grew 20.5 per cent YoY at Rs 337 crore.

Source: https://www.business-standard.com/article/markets/stock-of-this-building-products-company-has-zoomed-100-since-december-122021800296_1.html
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