NITCO forays into US tile market

NITCO has been the only and the first Indian tile brand to carve an entry as the preferred tile brand supplier for one of the large counter retail entity in US. It has secured the largest export business order on the strength of its design and quality, garnering an entry across more than 1000 stores in US.

The customer is a US based large-counter retail entity specialising in sales of hardware, home improvement and seasonal interior decoration products catering mainly to the home improvement professionals, construction and Do-It-Yourself (DIY) concept clients. It operates retail chain stores across US and Canada and is one amongst the top five in the Home improvement Retail industry in US and the world.

NITCO will be completing despatch of the initial order for $1.2 Mio (with a possible upside of another $1.8 mio by FY22) for supply of Porcelain tiles during the current quarter with due compliance under RESA (Retail ethical sourcing assessment) and CTPAT (Custom Trade Partnership against Terrorism).

Accomplishment of this export order reaffirms NITCO's strength in creative design, innovation and as a trendsetter brand. The team visited Italian quarries to procure natural stones and created designs, scanning from the right colour/type of stones that led to the success of the order. This will enable NITCO to establish a strong presence in US market and tap other customers in the region.

Shares of NITCO LTD. was last trading in BSE at Rs.16.35 as compared to the previous close of Rs. 16.9. The total number of shares traded during the day was 3806 in over 55 trades.

The stock hit an intraday high of Rs. 16.85 and intraday low of 16.35. The net turnover during the day was Rs. 62833.

Source : Equity Bulls

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