Stock below Rs 60: This textile company enters into a JV partnership with various individuals of Nepal!

The stock is up by 30 per cent in 3 months and 75 per cent in 6 months.

Asian Granito India Ltd informed that the company has entered into a joint venture agreement (JVA) with individuals of [Mr Ankush Shreshta, Mr Sambhu Nath Jha and Mr Manoj Prasad Rouniyar (collectively known as “Nepal Parties”)] of Nepal to open a joint venture company (JVC) to set up a wall tiles manufacturing unit in Nepal for which the company will make the required investment as per JV agreement. On incorporation of JVC in Nepal, equity shares will be issued to the Company and Nepal Parties 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 800 crore and falls under the BSE Small-Cap Index.  

Today, shares of Asian Granito India gained 0.96 per cent to Rs 63.34 per share with an intraday high of Rs 65.45 and an intraday low of Rs 62. The stock’s 52-week high is Rs 70.70 and its 52-week low is Rs 34.22. The stock is trading at 0.64 times its book value of Rs 99.1.

The stock is up by 30 per cent in 3 months and 75 per cent in 6 months. Investors should keep an eye on this small-cap stock.

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