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Asian Granito inches up after completing major expansion at step subsidiary

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rose 0.3% to Rs 283 at 11:06 on after the company said it has completed a major expansion at its step subsidiary Crystal Ceramics Industries.

The company made the announcement on Wednesday, 12 October 2016. The stock market was closed on that day on account of Muharram.

Meanwhile, the S&P Sensex was down 263.58 points or 0.94% at 27,818.76.

On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 74,682 shares in the past one quarter. The stock was volatile. The stock rose as much as 1.54% at the day's high of Rs 286.50 so far during the day. The stock rose 0.3% at the day's low of Rs 283 so far during the day. The stock had hit a record high of Rs 304 on 28 September 2016. The stock had hit a 52-week low of Rs 108.60 on 12 February 2016. The stock had outperformed the market over the past one month till 10 October 2016, gaining 13.13% compared with 2.48% fall in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 35.06% as against Sensex's 3.52% rise.

The small-cap company has equity capital of Rs 30.09 crore. Face value per share is Rs 10.

(AGIL) acquired Artistique Ceramic in FY 2015-16 through amalgamation scheme which holds 70% in Crystal Ceramics Industries (Crystal Ceramics) through Kediya Ceramics. Total investment in Crystal Ceramics including expansion is around Rs 170 crore. Kamlesh Patel, Chairman and Managing Director of AGIL said that acquisition of Crystal Ceramics was a strategic decision as along with the product range it also enjoyed a natural gas supply arrangement with ONGC which is significantly lower than the prevailing market price. With this expansion production capacity of Crystal Ceramics has reached 27,000 square meters a day, he said. The new plant will be making double charged vitrified tiles in the large format of 800x800 mm and 1000x1000 mm for domestic as well exports, Patel said. AGIL also has the required infrastructure for future expansion at Crystal Ceramics, he added.

On a consolidated basis, Asian Granito India's net profit rose 112.9% to Rs 6.28 crore on 6.9% growth in net sales to Rs 211.50 crore in Q1 June 2016 over Q1 June 2015.

is one of the largest ceramic companies in The company manufactures and markets interior & infrastructure products like vitrified wall & floor tiles, porcelain, natural marble composite and quartz.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 13 2016. 10:59 IST