Nitco is in the limelight; the stock rose over 8% to hit an intraday high at Rs.17.95, where it is currently trading. Its 10% UC of the day is very close at Rs.18.25.
The company today morning announced its Q2 update and it was pretty positive.
It stated that its sales volume during the second quarter improved significantly and the sales volume for the month of September 2020 is almost at 80% of the sales volume achieved in September 2019.
Nitco’s sales volume dipped considerably during Q1 FY2021 due to the lockdown. The company managed to turn the tide from July 2020 onwards and managed 3-fold improvement in sales volume during the second quarter.
The company said that it is witnessing tangible improvement in business volumes and a gradual pick-up in refurbishment demand. It said, “with NITCO’s brand being well-entrenched as a preferred choice of architects and designers, the company hopes to clock in larger volumes in the coming months.”