Asian Paints hits fresh record high on robust Q1 earnings

Shares of Asian Paints surged over 8% to hit a fresh high of Rs 1153 on the Bombay Stock Exchange after the paints major posted robust earnings for the quarter ended June 2016.

Consolidated net profit for the June quarter was up 19% at Rs 553 crore compared with Rs 466 crore in the same quarter last year.

Net sales during the quarter under review was up 10% at Rs 4,035 crore compared with Rs 3,661 crore in the same quarter ended June 2015.

The stock opened at Rs 1,072 and touched a high of Rs 1,153. At 10:05am, over 2 million shares were traded on both the stock exchanges.