Asian Granito set to be a key beneficiary from lower duty on Quartz

Asian Granito India Limited (AGIL), one of the largest manufacturers of quartz in India informed the exchanges that owing to a sharp decline in CVV and anti-dumping duty by USA on the import of Indian quartz, the company is set to benefit in terms of export sales to USA.

Earlier, USA has levied CVV and anti-dumping duty of 87.5 per cent on Indian quartz. However, now, it has revised its duty to around 3.19 per cent for Asian Granito India Limited, which will help the company to export quartz to USA.

In addition, USA will impose anti-dumping and CVD on Chinese up to 336.69 per cent. The final countervailing duty rates for the imports of quartz slabs from China would be up to 190.99 per cent and hence, these duties will amount up to over 500 per cent, for all the imports of quartz surface products from China.

This development will help AGIL to target the USA market with its exclusive range of quartz, which would further aid the company in becoming one of the biggest exporters of quartz. Last year, AGIL saw aggressive growth in export sales and in light of the current development; the company is likely to see the same in the current year too.

Asian Granito India Limited is engaged in the business of manufacturing various tiles such as walls, ceramics, marble and quartz. The company exports its products to approximately 50 countries.

Reacting to this news, the stock of AGIL closed at Rs 214.10 on Wednesday, up by 1.73 per cent or Rs 3.65 per share. The 52-week high is recorded at Rs 275 and the 52-week low is Rs 109.15 on BSE.