Asian Granito hits the floor

Asian Granito India, which had closed yesterday at Rs.51.40, opened slightly weak today at Rs.50 and soon went on to hit a new 52-week low at Rs.47.55.

Though the company has not communicated this to the exchanges, news is that Income Tax officials, today early morning raided the company’s headquarters in Ahmedabad, factories at multiple locations and premises of the owners and partners at across 40 places in the State.

Any such news is obviously not appreciated by the market and thus pummeled down to the low.

The company had ended Q4FY22 with a 32% (YoY) decline in net profit at Rs.12 crore on a 10% rise in revenue at Rs.480 crore.

The company recently completed land acquisition for three of its greenfield manufacturing plants in Morbi.