Shares of Cello World Limited advanced a percent to Rs 817 in the early trade on April 5 after the company announced setting up a glassware plant in Rajasthan.
"The commissioning of the manufacturing facility will be executed in a phased manner through a subsidiary company, Cello Consumerware Private Limited," the company said in a regulatory filing. The glassware furnace at in the same facility will be operational by the end of first quarter of FY25.
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Cello offers a wide array of products including drinkware, dinnerware, lunch boxes, casseroles, bakeware, and kitchen appliances. Popular items include the Nomad Flask, Maestro Flask, and Kidzbee Apollo Cuddle Buddies lunch box.
In March, Kotak Institutional Equities initiated coverage on the stock with an "add" rating. It expects the Indian consumer-ware market to record about a 10 percent CAGR over FY24-27E.
"We like Cello’s diversified portfolio, growth opportunities and financial discipline. The consistent delivery of low-to-mid teen earnings CAGR, portfolio augmentation through organic and inorganic route, and improvement in the working capital cycle could drive further re-rating," the brokerage said.
The company made its market debuting on November 6. It started 2024 with a bang and touched an all-time high of Rs 920. The stock, however, has fallen 13 percent off its record and closed at Rs 810 on April 4.
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