Orient Bell has entered into an Agreement with a Ceramic Tile Manufacturing Company at Morbi (Gujarat) and its Promoters to acquire its equity stake of 26%.

The said company is setting up a new plant to manufacture about 5.2 million square meters of wall tiles per annum at Morbi (Gujarat) and likely to start Commercial Production by the end of March 2018.

This Strategic stake will give complete access to our company to procure and sell the substantial quantity of tiles to be manufactured by the said company.

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Orient Bell announced that the Board of Directors of the Company at its meeting held on 22 May 2017, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 5%) , subject to the approval of the shareholders.

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Net profit of Orient Bell rose 22.39% to Rs 4.10 crore in the quarter ended March 2017 as against Rs 3.35 crore during the previous quarter ended March 2016. Sales declined 1.47% to Rs 206.80 crore in the quarter ended March 2017 as against Rs 209.88 crore during the previous quarter ended March 2016.

For the full year,net profit rose 71.43% to Rs 11.04 crore in the year ended March 2017 as against Rs 6.44 crore during the previous year ended March 2016. Sales declined 6.91% to Rs 653.40 crore in the year ended March 2017 as against Rs 701.89 crore during the previous year ended March 2016.

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Meanwhile, the S&P BSE Sensex was down 115.23 points or 0.38% at 30,135.75. The S&P BSE Small-Cap index was down 147.39 points or 0.94% at 15,506.01.

Bulk deal boosted volume on the scrip. On BSE, so far 15.93 lakh shares were traded in the counter as against average daily volume of 10,034 shares in the past one quarter. The stock hit a high of Rs 275 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 210 so far during the day. The stock had hit a 52-week low of Rs 138.80 on 21 November 2016.

The stock had outperformed the market over the past one month till 11 May 2017, rising 16.08% compared with 2.05% rise in the Sensex. The scrip had also outperformed the market in past one quarter, surging 41.48% as against Sensex's 6.76% rise.

The small-cap company has equity capital of Rs 14.19 crore. Face value per share is Rs 10.

Orient Bell's net profit rose 59.76% to Rs 2.62 crore on 15.84% decline in net sales to Rs 145.87 crore in Q3 December 2016 over Q3 December 2015.

Orient Bell is engaged in manufacture of ceramic and vitrified tiles.

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