NITCO Ltd., a legacy brand in tiles, marble, and mosaics, today announced that the company has secured orders of Rs 105 crore from the real estate firm Prestige Group. This order reinforces NITCO's reputation as a trusted partner for high-quality tiles and marble.
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 Limited have a 40 year old relationship with the Razaak family of the Prestige Group, which exclusively buys its requirements from NITCO.
Commenting on the development, Mr. Vivek Talwar, Managing Director, NITCO Limited, said, "We are delighted to strengthen our association with the Prestige Group, a name synonymous with excellence in real estate with projects in Bangalore, Hyderabad, Chennai, Cochin, NCR, Mumbai, Pune and Goa. This order is a testament to NITCO's commitment to delivering world-class marble and tiles, which enhance the aesthetic appeal of India's finest properties. Our focus is not just on being a supplier of products but a partner with our customers and we are very grateful to Prestige who have given us this opportunity and we try hard to keep up to their very lofty standards."
As part of its turnaround plans, NITCO undertook several measures over the past year or so like getting a strategic investor Authum Investment & Infrastructure Ltd, restructured its debt, infused fresh capital, and sold its land parcel in Kanjurmarg.
Shares of Nitco Limited was last trading in BSE at Rs. 141.55 as compared to the previous close of Rs. 147.45. The total number of shares traded during the day was 39791 in over 266 trades.
The stock hit an intraday high of Rs. 147.45 and intraday low of 140.10. The net turnover during the day was Rs. 5674574.00. |
