Akzo Nobel India spurts after opening new lab in Thane

Akzo Nobel India jumped 5.83% to Rs 1142 at 12:58 IST on BSE after the company said it formally inaugurated a new laboratory facility at its Thane site on 2 July 2014.

The company made the announcement after market hours on Thursday, 3 July 2014.

Meanwhile, the BSE Sensex was down 98.27 points, or 0.38%, to 25,725.48.

On BSE, so far 18,000 shares were traded in the counter, compared with an average volume of 4,501 shares in the past one quarter.

The stock hit a high of Rs 1,158.80 and a low of Rs 1,082.15 so far during the day. The stock hit a 52-week high of Rs 1,182 on 24 July 2013. The stock hit a 52-week low of Rs 750 on 30 August 2013.

The stock had outperformed the market over the past one month till 3 July 2014, rising 9.74% compared with 3.88% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.30% as against Sensex's 14.73% rise.

The mid-cap paints and coatings maker has an equity capital of Rs 46.66 crore. Face value per share is Rs 10.

Akzo Nobel India said the laboratory has been established at a cost of about Rs 1.30 crore and will primarily focus on catering to the needs of agrochemicals sector in India.

Net profit of Akzo Nobel India declined 12.53% to Rs 54.67 crore on 14.60% rise in net sales to Rs 601.28 crore in Q4 March 2014 over Q4 March 2013.

Akzo Nobel India manufactures and markets a wide range of coatings covering decorative, powder, marine & protective, automotive & aerospace, coil & specialty plastics. Dulux is its most popular brand of its decorative coatings business while the performance coatings business provides solutions to many industries and sectors including automotive, consumer electronics, power, aviation, shipping and leisure craft, construction, oil and gas, water and waste water, food and beverages, etc. Its chemicals business in India sells more than 30 products grouped under organic peroxides, metal alkyls and polymer additives to pharmaceutical companies, polymer producers, the composite and rubber industry.

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