porinju: Porinju’s Fairness Intelligence hikes stake on this smallcap agency; shares rally 12%

Shares of Orient Bell surged over 12 per cent in Monday’s early commerce after bulk deal information confirmed that Porinju Veliyath-owned Fairness Intelligence India on Friday acquired a further 80,000 shares within the firm at Rs 91.87 per share.

Fairness Intelligence India held 1.57 % stake, or 2,25,000 shares, within the firm on the finish of June.

The scrip traded 12.85 per cent larger at Rs 104.50 at round 9.30 am (IST), whereas the benchmark BSE Sensex traded 0.50 per cent larger at 38,626 at across the identical time.

On a year-to-date foundation, shares of Orient Bell have declined practically 30 per cent until August 21, whereas the 30-share Sensex has slipped 6.83 per cent throughout the identical interval.

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

For the quarter ended June 30, the corporate posted a consolidated internet loss of Rs 11.42 crore towards a internet revenue of Rs 0.50 crore within the corresponding quarter final yr. Income from operations declined 64.46 per cent YoY to Rs 42.72 crore.

Orient Bell is engaged within the manufacture and buying and selling of digital, vitrified, ceramic and ultra-vitrified tiles.