The shares of Pokarna Engineered Stone Limited (PESL) hit a fresh 52-week high in an otherwise weak market on Thursday after the company announced that it has started commercial production at its second quartz surface manufacturing facility, with effect from March 24.
At 11:04 am, PESL was trading at ₹251.05 on the BSE, up ₹20.85 or 9.06 per cent. The company’s shares had surged 16 per cent intraday in the early hours to record a fresh 52-week high of ₹266.50. It had opened at ₹247.00 as against the previous close of ₹230.20.
On the NSE, it was trading at ₹249.60, up ₹19.50 or 8.47 per cent. It recorded a fresh 52-week high of ₹267.00.
The company on Wednesday announced the commencement of commercial operations of its second modern quartz surface manufacturing facility in the country. The new plant is located at Mekaguda Village in Telangana, India.
PESL’s Unit 2 has a built-up area of over 6,00,000 square feet and is equipped with some of the most advanced technologies, the company has said.
“This milestone will further increase PESL’s capabilities to please its vast customer base across North America, Europe, Middle East, India; from major existing markets to fast-growing new markets,” said Gautam Chand Jain, Chairman & Managing Director.