Pokarna shares rallied as much as 20 per cent to hit a fresh 52-week high of Rs 1,103.85 after the of granite manufacturing company announced that its wholly-owned subsidiary Pokarna Engineered Stone Limited has partnered with IKEA India.
Under the agreement, Pokarna Engineered Stone Limited will supply quartz surfaces countertop and will also undertake measuring, planning, installation and home delivery of its products to IKEA's customers, the company said post-market hours on Friday
Commenting on the development, Gautam Chand Jain, managing director of Pokarna Engineered Stone Limited, said, "We are happy to be IKEA's exclusive engineered quartz surfaces partner in India and we are delighted to have the opportunity to extend our products and services to the world's best known furniture company."
Secunderabad-based Pokarna Limited processes granite at its two manufacturing facilities with raw material majorly sourced from its own quarries.
IKEA is world's largest home furnishing company.
In the September quarter, Pokarna Limited reported that its net profit rose 45 per cent to Rs 18.87 crore from Rs 13.04 crore during the same period last financial year.
Following this development, shares of Pokarna saw a spurt in trading volumes as 1.02 lakh shares changed hands on the BSE compared with average of 534 shares traded daily in the past two weeks.
Pokarna Limited ended 18.6 per cent higher at Rs 1,091.
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