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Shares of Exxaro Tiles surged by over 18% during Tuesday’s intraday trading session after the company announced a board meeting scheduled for October 14, 2024, to consider a proposal for the sub-division or split of its equity shares.
The announcement, made after market hours on September 23, sparked heavy trading activity, with around 4.3 million shares exchanged, marking 64 times the stock’s 30-day average volume.
The company stock price rose as much as 18.4% to Rs 94.96 in early trade. At 2 pm, shares of Exxaro Tiles were trading 17.24% higher at Rs 94.25.
The rally pushed Exxaro Tiles to its best single-day performance on record and helped trim its year-to-date losses to 17.4%.
The company, primarily engaged in manufacturing and marketing vitrified tiles used in flooring solutions, operates two manufacturing units in Gujarat with a total installed capacity of 146 lakh square meters.
Despite today’s stock surge, Exxaro Tiles reported a challenging financial quarter ending June 2024.
The company posted a consolidated net loss of Rs 4.24 crore, compared to a net profit of Rs 0.16 crore in the same period last year. Sales also dipped by 19.21% to Rs 59.89 crore in Q1 FY25, reflecting a difficult operating environment.
The potential share split, however, has sparked renewed interest in the stock, indicating investor optimism about the company’s future direction.
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