Why Exxaro Tiles share price is skyrocketing today — explained

Stock market today: Exxaro Tiles share price has been in uptrend after ushering in the new financial year 2023-24. In FY24, Exxaro Tiles shares have risen from around ₹100 to ₹149.45 apiece levels, delivering to the tune of near 49.50 per cent return to its positional shareholders in near five months time. However, it seems that there is still some steam left in this small-cap stock. Exxaro Tiles share price today opened upside and went on to hit intraday high of ₹149.45 apiece on NSE, missing 52-week high by mere ₹0.55 apiece.

According to stock market experts, Exxaro Tiles shares are available at attractive valuations in comparison to its peers like Kajaria Ceramics, Cera Sanitaryware, Somany Ceramics, etc. As real estate theme is expected to work in upcoming quarters, market has gone bullish on this small-sized tiles maker stock. They said that stock may continue to trade upside and can go up to ₹170 apiece levels in near term.

Reason for rise

On why Exxaro Tiles share price is in uptrend, Saurabh Jain, Vice President — Research at SMC Global Securities said, “Amid strong buzz in regard to Indian economy, real estate theme is expected to work in near term. Hence, market is looking at real estate and its allied industry shares. As Exxaro Tiles shares are available at attractive valuations in comparison to its peers like Kajaria Ceramics, Cera Sanitaryware, Somany Ceramics, etc., Dalal Street bulls have gone bullish on the small-cap tile maker stock.”

SMC Global Securities expert went on to add that big companies have done well during April to June 2023 quarter and hence market is expecting small companies like Exxaro Tiles to do well now. That's why bulls have gone after the Exxaro Tiles shares.

Exxaro Tiles share price target

On Exxaro Tiles share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, "Exxaro Tiles share price is in uptrend and it may further go up to ₹160 and ₹170 apiece levels. So, those who have this stock in their portfolio are advised to hold this scrip with trailing stop loss at ₹135 for the above mentioned near term targets."

Exxaro Tiles news

In latest exchange communication, company has informed Indian exchanges that it will be unveiling new showroom in Andheri, Mumbai and the inauguration is scheduled on 17th September 2023. More details is attached herewith for your reference.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.