Comments on Budget 2017 - Mr. Kamlesh Patel, CMD, Asian Granito India Ltd
"Infrastructure status to affordable housing is the biggest positive announcement in the budget. This will help achieve government target of construction of 60 million homes under initiative of Housing for All.
Another big push for the industry is reduction of custom duty on LNG from 5% to 2.5%. Abolition of Foreign Investment Promotion Board (FIPB) will attract more FDI in real estate.
Reducing corporate tax by 5% i.e from 30% to 25% will give major relief to unogranised small scale players in Morbi-Cluster. Allocation of Rs. 23,000 cr for Pradhan Mantri Awaas Yojana and target of completing 1 crore house by 2019 will give a big boost to the tiles industry.
Proposed changes for considering carpet area instead of built up area for the scheme for profit-linked income tax deduction for promotion of affordable housing are steps in the right direction.
Special stimulus is provided in the budget to middle class, rural economy & farmers, youth & education, infrastructure & employment and thus will give big push to economy and help it achieve GDP of 8% plus in coming time.
Sanitation coverage in rural India has gone up from 42% in Oct 2014 to about 60%. Disappointed that corporate tax not reduced."
Shares of ASIAN GRANITO INDIA LTD. was last trading in BSE at Rs.272.4 as compared to the previous close of Rs. 274.75. The total number of shares traded during the day was 66412 in over 1160 trades.
The stock hit an intraday high of Rs. 277.35 and intraday low of 269. The net turnover during the day was Rs. 18171250.