Shares of Everest Industries hit an all-time high of Rs 748.90, rallying 14% on the National Stock Exchange (NSE) in Friday’s lackluster market on strong volumes. At 10:16 a.m., the S&P BSE Sensex was down 0.09% to 17,289 points. Over-the-counter trading volumes more than doubled with a total of 597,000 shares changing hands on the NSE and BSE in the first hour of trading.
Since December 2021, the building products company’s stock is up 100% from a level of Rs 374.65 on November 30, 2021. In comparison, the benchmark is up 1.3% during the same period.
During the October to December quarter (Q3FY22), foreign portfolio investors (REITs) increased their stake in Everest Industries by 135 percentage points to 3.2%, from 1.85% at the end of the September (Q2FY22). The Massachusetts Institute of Technology had purchased 270,000 shares or a 1.73% stake in Everest Industries during Q3FY22. The REITs did not hold any stake in the company as of Q2FY22.
Everest Industries is dedicated to manufacturing fiber cement products with manufacturing facilities located in Madhya Pradesh, West Bengal, Tamil Nadu, Maharashtra, Uttarakhand and Odisha. The company is also active in the field of steel buildings with factories located in Uttarakhand, Jharkhand and Gujarat. It offers building products and building solutions for the residential, commercial and industrial sectors in India and abroad.
Everest Industries in the Fiscal Year 2020-21 (FY21) Annual Report said it was cautiously optimistic about growth in the roofing business given the likelihood of a good monsoon and government spending in the rural sector. Rising steel prices are also contributing to the shift from metal sheets to AC roofing sheets.
For the Everest Steel Building Solutions (ESBS) business, the decision of global companies to move production bases from around the world to India in the wake of the COVID-19 pandemic is likely to create the next round of opportunities , the company said.
Meanwhile, for the third quarter of FY22, the company reported 33.6% year-on-year (YoY) growth in consolidated net profit to Rs 7.19 crore, driven by a higher operational income. Operating income increased by 20.5% year-on-year to Rs 337 crore.