Multibagger penny stock under Rs 100: This textile company enters into a JV partnership for business expansion!

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 34.22 per share.

Asian Granito India Ltd has signed a joint venture agreement with three individuals from Nepal [Mr Ankush Shreshta, Mr Sambhu Nath Jha and Mr Manoj Prasad Rouniyar (collectively known as “Nepal Parties”)] to form a new company called Nepovit Ceramic Private Limited.

The new company will build a wall tile manufacturing plant in Nepal, and Asian Granito India will invest the necessary funds as per the joint venture agreement. Once Nepovit Ceramic Private Limited is incorporated in Nepal, equity shares will be issued to Asian Granito India and the three individuals at a face value of NPR 100 each. (1 NPR = INR 0.63 as of September 26, 2023).

The Asian Granito India Ltd (The Company or AGL), established in the year 2000, has emerged as one of the leading ceramic companies in India. Over a short span of two decades, it has built a distinctive reputation for itself in India as well in the global markets as a manufacturer of a wide variety of finest quality ceramic tiles, engineered marble and quartz.

The company has a market cap of over Rs 900 crore and falls under the BSE Small-Cap Index.  

Today, shares of Asian Granito India gained 0.03 per cent to Rs 74.45 per share with an intraday high of Rs 76.41 and an intraday low of Rs 73.31. The stock also made a new 52-week high of Rs 76.41 per share. The stock is trading at 0.75 times its book value of Rs 99.1.

The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 34.22 per share. Investors should keep an eye on this small-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.