Glass manufacturers shimmer on strong demand

Triggered by a strong demand from the buoyant infrastructure sector and booming real estate market, the stock prices of glass manufacturers are hitting the roof. Prices of all the 14 listed glass firms have been on the rise.

Industry analysts attribute this to a sharp increase in demand from the housing sector.

Leading the pack is Excel Glasses with a 62.04 per cent growth in its stock price from Rs 11.88 to Rs 19.25 over the last one month. Triveni Glass was up 55.37 per cent from Rs 33.79 to Rs 52.

Haldyn Glass Gujarat went up by 49.60 per cent (from Rs 31.35 to Rs 46.9) and Alembic Glass, manufacturer of consumer glassware products and container wares under the brand name Yera, recorded a rise of 44.09 per cent (Rs 850.15 against Rs 590 last month).

Borosil Glass Works, another major producer of consumerware glass, moved up 23.27 per cent in the same period (Rs 52.85 to Rs 65.15).

Asahi India Glass moved up by 4.69 per cent to Rs 185.35, while Saint Gobain by 5.67 per cent to Rs 34.45.

Said Sachin Kasera, analyst, Pioneer Intermediaries, "Glass doors, glass walls and glass furnitures are gaining acceptance in modern homes."

The glass industry has seen a considerable hike in net sales and profits in FY05. The net sales of Asahi India rose from Rs 91.42 crore to Rs 614.14 crore and net profit rose to Rs 78.56 crore against Rs 72.28 crore last year.

Saint Gobain increased sales by Rs 15.50 crore to Rs 73.28 crore and posted a higher net profit of Rs 6.14 crore against Rs 4.85 last year.

Excel Glass registered net sales of Rs 65.83 crore against Rs 34.59 crore and made a net profit of Rs 1.69 crore against a net loss of Rs 4.77 crore in the previous year.

Jigar Shah of KR Choksy Reasearch pointed out that the increase has more to do with increased consumption. "Consumers are gradually shifting from normal glass to float glass."

600450 Glass manufacturers shimmer on strong demand glassonweb.com
Date: 13 June 2005
Source: Business-standard.com

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