Nitco Ltd Share Price – NSE  / BSE

Trading, Small Cap

Nitco has secured order of Rs 105 crore from the real estate firm Prestige Group. As per the order, NITCO will supply tiles and marble to Prestige Group's several real estate projects spread across various cities in the country. Based on the Prestige's ongoing projects, NITCO expects the order size to increase to about Rs 210 crore.

The company continues to expand its footprint and contribute to shaping India's architectural landscape with innovative and sustainable surface solutions. The promoters of NITCO have a 40 year old relationship with the Razaak family of the Prestige Group, which exclusively buys its requirements from NITCO.

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Shares of Prestige Estates Projects gained 1.34% to Rs 1,854.80 on the BSE.

The said order, which involves the supply of tiles, marble, and mosaic products, will be executed over a period of six months.

Based on the current ongoing projects, the company anticipates receiving orders worth Rs 104 crore in the near future from Prestige Estates Projects.

NITCO makes designer tiles. Its product ranges from ceramic tiles, mosaic tiles, vitrified tiles, vitrified flooring, and marble.

Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has a diversified business model across various segments, viz., residential, office, retail, hospitality, property management, and warehouses, with operations in more than 13 major locations in India. The group has completed 300 projects spanning a developable area of approximately 190 million square feet.

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Net Loss of Nitco reported to Rs 34.60 crore in the quarter ended September 2024 as against net loss of Rs 31.65 crore during the previous quarter ended September 2023. Sales declined 17.70% to Rs 65.83 crore in the quarter ended September 2024 as against Rs 79.99 crore during the previous quarter ended September 2023.

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Nitco will hold a meeting of the Board of Directors of the Company on 13 November 2024

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