Asian Granito India Ltd shares fall over 4% The Income Tax Department is conducting raids on 35-40 premises of Asian Granito India in Gujarat, following which 49 people raided the BSE in Thursday’s trading session, news agency ANI reported, quoting sources.
The company recently revealed its plans to set up three state-of-the-art manufacturing facilities in the value added luxury surface and bathware segment, including GVT tiles, sanitaryware and SPC flooring, in Morbi, Gujarat.
The company also established one of India’s largest demonstration centers in Morbi, for which it acquired land and acquired Future Ceramics Pvt Ltd, AGL Sanitaryware, and AGL Surface Pvt Ltd.
Civil and engineering works at the sites were to begin very soon. AGL expects to consolidate its leadership position and generate peak sales of 700 crore more contribution per year from three plants 500 crore revenue from demonstration centres, but the company’s share declined due to IT raids.
Established in the year 2000, Asian Granito India Limited (AGL) has emerged as one of the leading luxury surface and bathware solutions. The company manufactures and markets a wide range of Tiles, Engineered Marble and Quartz, Sanitaryware and Faucets.
(with inputs from ANI)