Asian Granito India gains on FII buying

On March 6, GMO Emerging Domestic Opportunities Fund purchased 457,499 shares at Rs 274.99 per share

Asian Granito India (AGIL) gained 4% at Rs 287 on the BSE in early morning trade after the foreign institutional investor (FII) bought more than 1% stake in company for Rs 12.58 crore through open market on Monday. The stock was trading close to its record high of Rs 304, touched on September 28, 2016 in intra-day trade.

On March 6, 2017, GMO Emerging Domestic Opportunities Fund had purchased 457,499 shares of AGIL at price of Rs 274.99 per share on BSE via bulk deal, the exchange data shows.

Jagdishbhai Ramanbhai Patel, the individual shareholders, had sold 583,464 equity shares at price of Rs 275.08 a piece, data shows.

As on December 31, 2016, Jagdishbhai Ramanbhai Patel was holding 970,493 shares or 3.23% stake in AGIL.

AGIL manufactures and markets interior & infrastructure products like vitrified wall & floor tiles, porcelain, natural marble composite and quartz.

Angel Broking expect the company would report strong profitability owing to better product mix, higher B2C sales and amalgamation synergy.