The shares of one of India’s leading companies in tiles and sanitaryware gained 18 percent to a 52-week high price of Rs 76 after the company incorporated a Joint Venture unit in Nepal.
At 2:35 p.m., on the National Stock Exchange, Asian Granito India Ltd shares were trading at Rs 74.40, up 15.53 percent from the previous close. The company has a market capitalization of Rs 943 crore.
According to the company’s BSE filings, On October 10, 2023, the Company incorporated a Joint Venture Agreement with a Joint Venture Company (‘JVC’) namely Nepovit Ceramic Private Limited to establish a wall tile production plant in Nepal.
On September 25, Asian Granito India Ltd entered an agreement with three individuals from Nepal namely Mr. Ankush Shreshta, Mr. Sambhu Nath Jha, and Mr. Manoj Prasad Rouniyar (collectively known as “Nepal parties”).To establish the Company’s manufacturing presence in Nepal by way of a Joint Venture Company (‘JVC’) to be incorporated in Nepal in an equal ratio for Wall tiles manufacturing.
The company’s shares have delivered a return of 82 percent in six months and 26 percent in a year.
Asian Granito India revenue has increased by percent year on year, from Rs 310 crore in Q1FY23 to Rs 334 crore in Q1FY24. During the same period, Net loss has reduced from a loss of Rs 4 crore to Rs 3 crore.
As per the latest shareholding pattern, Asian Granito India Ltd Promoter holds 29.02 percent while retail investors hold a 69.78 percent stake.
The Asian Granito India Ltd emerged as one of the leading ceramic companies in India. The company has a presence in global markets and the company manufactures a wide variety of finest quality Ceramic Tiles, Engineered Marble, and Quartz.
Written by Omkar Chitnis
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