Exxaro Tiles stock extend gains, up 28% in two days on stock split buzz

Quant Mutual Fund and Mauritius-based AG Dynamics were once investors in this small-cap stock

Shares of Exxaro Tiles Limited jumped 10 percent to Rs 106 on September 25, marking a second consecutive session of gains. The stock has soared 28 percent over two days, following news that the board will meet on October 14 to discuss a potential stock split.

Trading volumes skyrocketed yet again with a remarkable 33 lakh shares exchanging hands today. This surge far surpassed the weekly average of just 41,000 shares and the monthly average of 62,000 shares, according to Moneycontrol data.

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BofA Securities Europe SA acquired 6.66 lakh shares of Exxaro Tiles on Tuesday via block deals, representing 1.48 percent of the company’s outstanding equity. The shares were purchased at Rs 96.22 apiece.

This marks BofA Securities' first stake in the company, which has a market capitalization of nearly Rs 500 crore. While Foreign Portfolio Investors (FPIs) hold a 4 percent stake in Exxaro Tiles, domestic institutions currently have no exposure to the company.

Quant Mutual Fund and Mauritius-based AG Dynamics were once investors in this small-cap stock, holding stakes in December and September 2021, respectively. Despite the stock’s underwhelming performance, delivering no returns that year, AG Dynamics has remained invested with a 1.3 percent stake. However, recent BSE filings show a change—Quant Mutual Fund exited in September 2022, selling its 4.9 percent stake.

Data shows that in the June quarter, it posted a net loss of over Rs 4 crore from a profit of Rs 17 lakh in the same quarter the previous year. Meanwhile, the company's revenue from operations also slipped to Rs 60 crore from Rs 74 crore in the corresponding quarter of the previous fiscal. The company competes with the likes of Kajaria Ceramics and Cera Sanitary in the industry.

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