Shares of Orient Bell rose nearly 13 percent on Monday after ace investor Porinju Veliyath-owned Equity Intelligence India acquired an additional 80,000 shares in the company on Friday. As per the NSE data, the equity was bought at Rs 91.87 per share.

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As of June 2020 end, Equity Intelligence India already held a 1.57 percent stake, or 2,25,000 shares, in the company.

The stock rallied as much as 12.8 percent to Rs 104.50 per share. However, on a year-to-date basis, the stock has declined nearly 30 percent on a year-to-date basis while as compared to around 7 percent declined in the same period.

In the June-quarter, the company posted a consolidated net loss of Rs 11.42 crore as against a net profit of Rs 0.50 crore in the year-ago quarter. Meanwhile, the revenue from operations declined 64.46 percent YoY to Rs 42.72 crore.

Orient Bell is engaged in the manufacture and trading of digital, vitrified, ceramic, and ultra-vitrified tiles.