Company News

BUZZ-India's Kajaria Ceramics rises; Jefferies starts coverage with 'buy'

** Shares of ceramics manufacturing company Kajaria Ceramics Ltd rise as much as 3.6 pct to 616.45 rupees, in their biggest intraday pct gain since March 29

** Jefferies initiates coverage with “buy” rating and TP of 730 rupees

** Kajaria has bounced from its Sept 18 lows, aided by improving profit - Jefferies

** Jefferies says co is poised to benefit the most from a fillip to organised volumes, courtesy tightening compliance and the recent ban on coal gasifiers in Gujarat, which should shrink the price differential with unbranded players

** Brokerage says declining gas prices act as a near term catalyst for co’s margins

** Around 230,577 shares change hands at 0531 GMT compared with the 30-day average of about 375,208 shares

** Up to Tuesday’s close, stock had risen 20.7 pct this year