Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

Asian Granito's wholly owned subsidiary Future Ceramics commence work on Glazed Vitrified plant at Morbi

Posted On: 2022-07-01 20:03:17 (Time Zone: IST)


Future Ceramic Pvt Ltd - a wholly owned subsidiary of Asian Granito India Limited (AGL), one of the largest Luxury Surfaces and Bathware Solutions brands in the country has commenced work on the large format glazed vitrified tiles (GVT) plant at Morbi. Land acquisition of the plant was completed in the month of May 2022. Bhoomi Poojan of the plant was completed on the auspicious day of Rath Yatra on Friday 1 July 2022.

To tap the vast potential in the GVT space, Future Ceramic Pvt Ltd is setting up a plant to manufacture value added large format GVT tiles in 1200x1200 mm, 1200x1800 mm, 1200x2400 mm, 800x1600 mm and 800x2400 mm formats. Installed capacity of the plant is 6.60 million sq. mtrs. per annum. Total estimated cost for setting up the unit is around Rs. 174 crores. The plant is expected to generate revenue of around Rs. 300 crores at optimum capacity.

Commenting on the development, Mr. Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, "Company is progressing as per the well-defined growth roadmap and we are committed to complete all our expansion on or before deadline. With commercialisation of the proposed plans, AGL is expected to strengthen its position as an Integrated Luxury Surfaces and Bathware Solutions Brand and up the Group's margin profile in near to medium term. Company's Enhanced Strategic Integration Programme (ESIP) is targeted to expand the margins and place the Company further up in the league table of Luxury Surfaces and Bathware Solutions Players. The expansion plans will take company closer to its vision to achieve Rs. 6,000 crores in topline in medium to long term."

Expansion at Future Ceramic Pvt Ltd is a part of Asian Granito India Ltd's mega expansion plans for which it has raised Rs. 441 crores through Rights issue. Under mega expansion plans, Asian Granito plans to set up three state-of-the-art manufacturing facilities at Morbi, Gujarat in Value Added Luxury Surfaces & Bathware Segments including GVT Tiles, Sanitaryware and SPC Flooring. The Company is also setting up one of the India's largest Display Centre at Morbi. In the month of May 2022, Future Ceramic Pvt Ltd acquired 69,506 square mtr land for the expansion of GVT facilities and completed necessary due diligence.

Shares of Asian Granito India Limited was last trading in BSE at Rs. 40.75 as compared to the previous close of Rs. 40.35. The total number of shares traded during the day was 149372 in over 3083 trades.

The stock hit an intraday high of Rs. 41.75 and intraday low of 39.55. The net turnover during the day was Rs. 6103846.00.


Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Hero MotoCorp has sold 536,499 units in September 2023

SML ISUZU Ltd posts 16% YoY increase in sales during September 2023

Royal Enfield Motorcycles' September 2023 sales drops 4% YoY

Eicher Motors Ltd reports 8.6% YoY growth in September 2023 sales

Mahindra's Farm Equipment Sector Sells 42,034 Units in India during September 2023

Maruti Suzuki announces sales of 181,343 units in September 2023

Aurobindo Pharma Ltd updates on sale of business to Apitoria Pharma Pvt Ltd

NTPC Ltd declares COD of Talaipalli Coal Mining Project

South Indian Bank Welcomes P R Seshadri as New MD & CEO

Mahindra Auto sells highest ever SUVs at 41,267 vehicles, a 20% growth, and overall, 75,604 vehicles in September 2023

Kenvi Jewels Ltd to set up stall in Gujarat Gold Jewellery Show

SML ISUZU Ltd increases price of Trucks and Buses to cover increase in input cost

Bondada Engineering Ltd receives order worth Rs. 9.54 crore

Bandhan Bank is migrating its Core Banking System and Internet Banking to a new platform

TIPS Industries receives favourable judgment in dispute against Wynk

Yarn Syndicate Limited announces Retail Expansion with Barcelona

Southern Magnesium and Chemicals Ltd receives order for supply of Magnesium Powder

AstraZeneca Pharma India receives permission to import Palivizumab solution for injection

Airtel continues its 5G growth streak with 50 million unique customers on its network

Arman Financial Services Ltd allots 217477 shares

Reliance Infrastructure Ltd updates on arbitration award for DVC

DMR Hydroengineering & Infrastructures Ltd executes agreement to sell assets

Captain Polyplast Ltd approves purchase of industrial land near Ahmedabad

Visaka industries Ltd and Hyderabad Cricket Association enter into agreement

Kirloskar Ferrous Industries announces acquisition of Oliver Engineering, expands its casting capacity

Granules India Ltd received ANDA Approval for Losartan and Hydrochlorothiazide Tablets

Aditya Vision Limited opens its 130th showroom

Godrej Agrovet to set up Integrated Palm Oil Complex in Telangana

Aurobindo Pharma Ltd gets Form 483 from USFDA with 1 observation

Agilus Diagnostics Ltd files DRHP with SEBI for IPO

TVS SCS to enhance profitability through strategic asset sale

Hypertension is often the 'silent killer' of the heart, slowly but steadily paving the way to heart failure

Airtel Delivers Best Mobile Live Video Streaming Experience in M A Chidambaram Stadium, Chennai

Sterlite Copper Receives Prestigious 'Green Eco-Friendly Initiative' Award for 'Pasumai Thoothukudi' Project

LT Foods strengthens its Super Food portfolio by launching 'Daawat® Quick Cooking Red Rice'

Adani Gangavaram Port inducts two advanced locomotives at the port

Manjushree Technopack Ltd and Ganesha Ecosphere Group collaborate to co-develop and provide recycled solutions for packaging

Bajaj Allianz Life Insurance and South Indian Bank enters into strategic partnership

Jalan Kalrock Consortium proposes to take ownership of Jet Airways

TVS Motor Company is back with its flagship motorcycling festival - TVS MotoSoul 3.0

KFin Technologies Ltd bags maiden contract from Bank of Ayudha Public Company Ltd

Infibeam Avenues Ltd offers to license its Base Marketplace intellectual property to GeM

Advent International announces the completion of the acquisition of Suven Pharma

PVR INOX launches the first P[XL] and all 4K Laser Cinema in Mohali

Gradiente Infotainment Ltd bags GIS project from VUV International Ltd

MIC Electronics Limited receives LOA for order worth Rs. 1.56 crore

Eimco Elecon India Ltd receives order of Rs. 60.87 crores

Zydus announces IND clearance of a novel Anti-PCSK9 candidate

Lupin Receives EIR from U.S. FDA for its Nagpur Unit-1 Manufacturing Facility

Phoenix ARC Pvt Ltd declared winner of part of stressed loan portfolio of Muthoot Capital Services Limited


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020