Asian Granito jumps after board OKs issuing warrants to non-promoters

Asian Granito India rose 3.74% to Rs 205 at 14:00 IST on BSE after the company said its board approved issuing 20 lakh convertible warrants to non-promoters at Rs 245 each.

The announcement was made during trading hours today, 4 December 2018.

Meanwhile, the S&P BSE Sensex was down 60.26 points, or 0.17% to 36,180.74.

On the BSE, 20,000 shares were traded in the counter so far compared with average daily volumes of 18,000 shares in the past two weeks. The stock had hit a high of Rs 209.50 and a low of Rs 196.75 so far during the day. The stock hit a 52-week high of Rs 617 on 15 January 2018. The stock hit a 52-week low of Rs 156.05 on 9 October 2018.

Asian Granito India said that its board of directors in its meeting held on Tuesday, 4 December 2018, has approved the issue of 20,00,000 convertible warrants each to non-promoters, Santario Ceramics and Oxento Ceramics, at Rs 245 per convertible warrant.

Further, the company informed that Dr. Satish Deodhar has resigned from directorship (independent director) with effect from 5 December 2018, due to personal reasons. The board of directors has appointed Vishwavir Saran Das as additional and non-executive independent director with effect from 5 December 2018.

On a consolidated basis, net profit of Asian Granito India declined 73.33% to Rs 4.31 crore on 2.93% rise in net sales to Rs 282.52 crore in Q2 September 2018 over Q2 September 2017.

Asian Granito India is engaged in the business of manufacturing and trading of ceramic wall, floor, vitrified tiles, marble and quartz.

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