Kajaria Ceramics, which closed on Friday at Rs.554.75, opened higher today at Rs.562.60, going up to an intra day high at Rs.571.50. Its 52-week high is at Rs.648.85. But after that initial reaction, the overall market moods have now pushed the stock into the red, currently trading at Rs.546, down some 1.5%.
The market was happy with its announcement that its wholly owned subsidiary, Kajaria Tiles, started commercial production of tiles from yesterday, 29th Sept.
This plant is near its Srikalahasti, Chittoor Dist., A.P. The capacity of the said manufacturing facility of KTPL will be 5 MSM tiles per annum.
The foundation stone for the ceramic tiles project worth Rs 283 crore was laid by Chief Minister N Chandrababu Naidu in 2017. The project is expected to provide direct employment to 1,000 people.