Shares of Asian Granito India, a small cap firm in the building materials industry, rose about 9% today on the BSE after the company announced plans to expand into sanitaryware manufacturing with AGL Sanitaryware Pvt Ltd. On the BSE, the current market price of Asian Granito India shares is Rs 77.10 per share, representing a 7.56% intraday increase.
"Asian Granito India Limited (AGL), a leading brand in luxury surface products such as Tiles, Marbles, Quartz, and Bathware solutions, has taken a strategic leap into sanitaryware production," according to the company's BSE filing today. The Company has begun commercial operations in Morbi through its wholly-owned subsidiary, AGL Sanitaryware Pvt. Ltd. The company seeks to position itself as a leading player in the sanitaryware space, mirroring its success in the tiles sector, with a strategic move from third-party procurement to internal manufacturing and a complete product portfolio."
Asian Granito Share Performance & Return: The stock's 52-week high is Rs 86.04 per share, and its 52-week low is Rs 34.22 per share. The company is worth Rs 986.08 crore on the stock exchange. Asian Granito shares are up 22% in the previous three months, up 50% year to date, up 64% in the last year, and down 30% in the last two years.
AGL Sanitaryware Pvt. Ltd has finished the construction of the cutting-edge plant, signalling a substantial change away from third-party sourcing and towards internal manufacturing. The sanitaryware plant's installed capacity is 0.66 million pieces per year, and the business plans to begin commercial operations on October 1st, 2023, according to the company's regulatory filing.
"Previously relying on third-party manufacturers and imports, the company aims to leverage its extensive marketing and distribution network for tiles to establish a formidable presence in the sanitaryware sector," said Kamlesh Patel, Chairman and Managing Director of Asian Granito India Ltd. AGL has also deliberately appointed a Chief Operating Officer with over 25 years of experience in the Bathware business, including Sanitaryware and Faucetware, to solidify its presence and boost brand experience. This move is consistent with the company's commitment to expanding its reach and exploring new growth opportunities."
Morbi, recognised as India's Ceramic Tiles & Sanitaryware powerhouse, is critical to AGIL's expansion strategy. The area accounts for more than 80% of overall production in this industry in the country. "The Company envisions rapid growth and an increased market share in the sanitaryware space in the coming time," stated Hiren Patel, Associate, AGL Bathware division. In five years, the company anticipates a sanitaryware and bathware segment turnover of roughly Rs. 400 crore."
Concerning Asian Granito: Asian Granito India Ltd. (AGL), founded in 2000, has evolved as India's premier Luxury Surfaces and Bathware Solutions brand in less than two decades. Tiles, Engineered Marble and Quartz, Sanitaryware, and Faucets are among the products manufactured and sold by the company. AGL goods are synonymous with dependability, adaptability, innovation, and quality consciousness, and the firm has developed a strong brand identity that is highly recognised globally and has a devoted client base across categories. It is now India's fourth largest listed ceramic tile firm, with about 6,000 employees.