Oriental Trimex shares hit upper circuit on company's plans to divest land assets, granite unit

The company said that it is poised to commence quarry operations at Black Granite mine this quarter and anticipate initiating commercial production shortly thereafter.

Marble processor and importer Oriental Trimex on Saturday said it plans to divest land assets and a small granite unit in Odisha to reduce expenses.

According to a business update shared on stock exchanges, the Odisha-based company said it plans to divest seven acres of land in the Somnathpur Industrial Estate, Balasore, and a small granite unit in the Rairangpur Industrial Area in Mayurbhanj district of the state.

"This decisive action will streamline our operations, reduce recurring expenses, and enhance liquidity for more focused investments," it said.

The company also said that it is poised to commence quarry operations at Black Granite mine this quarter and anticipate initiating commercial production shortly thereafter. The company received an official mining lease from the Odisha government for the Black Granite quarry in May this year. The lease encompasses 4.961 hectares in the village of Potteru in Malkangiri District.

Oriental Trimex also announced deployment of a “smart cut” machine with an ultra-thin wire which, it said, will help reduce waste by 20 per cent, optimise yields and bolster profit margins.

On demand scenario, the company informed that the rising trend of luxury apartment developments by prominent builders in the National Capital Region has created a vibrant market for its products, including high-quality imported marbles, indigenous granites, and marble-design vitrified tiles.

Shares of the company hit 5 percent upper circuit in Monday's trade to quote at Rs 14.77 per share on the NSE at 10:45 a.m.

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