Pokarna shares surge nearly 20% after arm enters into partnership with IKEA India

NEW DELHI: Shares of Pokarna Ltd surged nearly 20 per cent in early trade on Monday after the company on Friday informed bourses that its wholly-owned subsidiary, Porkarna Engineered Stone Ltd ( PESL), has partnered IKEA India to serve its exclusive quartz surfaces supply and installation partner.

Under the agreement, Pokarna will supply engineered quartz countertop and will also undertake measuring, planning, installation and home delivery of its products to IKEA’s cutomer.

The scrip was trading 16.86 per cent up at Rs 1,075 around 10.05 am (IST). Shares of the company opened at Rs 970 and touched a high and low of Rs 1103.85 and Rs 970, respectively, in trade so far. Benchmark BSE Sensex was trading 5 points, or 0.02 per cent, up at 26,764.30.

Commenting on this development, Sandeep Sanan, New Business Manager, IKEA in a release said, “We are excited to have PESL as our partner and look forward to a long term partnership. IKEA has been in India for last 30 years with many long term partners. We are currently building a new supplier base in India for the supply of home furnishing globally as well as for Indian stores.”