Asian Granito India gains on planning major debt reduction

Asian Granito India is currently trading at Rs. 160.70, up by 0.20 points or 0.12% from its previous closing of Rs. 160.50 on the BSE.

The scrip opened at Rs. 161.15 and has touched a high and low of Rs. 165.70 and Rs. 159.65 respectively. So far 125618 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 318.00 on 21-Sep-2020 and a 52 week low of Rs. 109.15 on 19-May-2020.

Last one week high and low of the scrip stood at Rs. 175.00 and Rs. 158.45 respectively. The current market cap of the company is Rs. 518.66 crore.

The promoters holding in the company stood at 34.02%, while Institutions and Non-Institutions held 3.55% and 62.43% respectively.

Asian Granito India (AGIL) is planning a major debt reduction and focusing on asset light and capital light business model. The company is reducing debt by around Rs 40-45 crore in the near future and further reduction of Rs 50-60 crore in next 1-2 years, thereby eyeing a total debt reduction of around Rs 100 crore. Proceeds from warrants and internal accruals will be utilised to reduce the debt. Post conversion of the warrants, promoter group holding is expected to increase to around 37.5% from 34.02% as of December 2020.

Asian Granito India is one of the top four Indian ceramic Companies engaged in the business of manufacturing, and trading of Ceramic Wall, Floor, Vitrified Tiles, Marble & Quartz Headquartered in Gujarat.