Exxaro Tiles shares trade positive as company restarts operations at Padra plant in Gujarat

Exxaro Tiles shares traded in the green on Friday, December 30 -- the last trading session of the calendar year 2022, after the company announced that Unit 1 of Padra plant in Gujarat restarted operations. The operations at Padra plant resumed from 
2022.

The Unit 1 of Padra plant was shut for the past 3-4 weeks owing to the planned regular maintenance schedule and associated equipment upgradation work.

The company said that the plant has resumed operations on a regular basis after necessary equipment up-gradation and maintenance.

According to Ravi Singh, Vice President and Head of Research at Share India, Exxaro Tiles has given steady growth in revenue and EPS over the last year which is a positive sign in terms of business prospects. The company has seen modest net income growth of 11 per cent over the past five years. 

With a high rate of reinvestment, a low ROE, the company has managed to see considerable growth in its earnings, he said.

On technical setup, he said that the momentum indicators and oscillators on the daily chart are suggesting an immediate target of 135 levels in the near term.

Shares of Exxaro Tiles have yielded a positive return of around 30 per cent in the past 6 months. It has, however, declined 15 per cent in the past one year.

Exxaro Tiles makes ceramic tiles. Through its two main product categories double-charge vitrified tiles and glazed vitrified tiles it offers vitrified floor tiles. The company has more than 2,000 touch points in the country and sells its products in more than 10 countries.

Click Here For Latest Updates On Stock Market | Zee Business Live