"PGL is the first granite company in India to declare a bonus issue at a time when the whole industry is experiencing negative growth," Jain told mediamen after the board meeting to clear the issue and diversification plans of the company. To facilitate bonus issue and preferential allotment of shares to FIIs and others, the company has increased the authorised capital from Rs 5 crore to Rs 10 crore. The shareholders also approved the diversification into software development, e-commerce and Internet services, he said.

To meet the opportunities thrown open by Internet, PGL has divresified into software by floating a separate division with an investment of Rs 2.5 crore to be implemented over a year. The entire funds will be sourced internally, Jain said.

Jain said that the company plans to float a web portal within a short period, especially for conducting e-commerce in granite industry, where manufacturers and traders across the world can come together to transact and do business.

To meet the growing demand for finished products and tiles, the company has recently acquired two sick units on lease near here to double the capacity. PGL has also bagged a prestigious order from Tamil Nadu government to supply granite worth Rs 2.7 crore for its Tidel Software Park, Jain said.

For the nine-month period, PGL has reported a 75 per cent increase in sales to Rs 25.31 crore as against Rs 14.4 crore during the same period last fiscal. The gross profit shot up by 87 per cent to Rs 4.94 crore from Rs 2.64 crore and the net profit jumped to Rs 4 crore from Rs 1.83 crore, an increase of 122 per cent.