Akzo Nobel spurts to record high on dividend bounty

The result was announced after trading hours on Monday, 20 May 2013.

Meanwhile, the BSE Sensex was down 80.79 points, or 0.4%, to 20,143.19.

On BSE, 38,977 shares were traded in the counter as against an average daily volume of 3,434 shares in the past one quarter.

The stock hit a record high of Rs 1,195.70 in intraday trade today, 21 May 2013. The stock hit a low of Rs 1,070 so far during the day. The stock had hit a 52-week low of Rs 820 on 5 October 2012.

The stock had underperformed the market over the past one month till 20 May 2013, rising 3.73% compared with the Sensex's 6.35% rise. The scrip, however, outperformed the market in past one quarter, gaining 4.26% as against Sensex's 2.96% rise

The mid-cap company has an equity capital of Rs 46.66 crore. Face value per share is Rs 10.

Akzo Nobel India's net profit fell 20.1% to Rs 62.50 crore on 43.8% fall in net sales to Rs 524.67 crore in Q4 March 2013 over Q4 March 2012.

The company's net profit rose 8.4% to Rs 218.83 crore on 12.2% rise in net sales to Rs 2179.74 crore in the year ended 31 March 2013 over the year ended 31 March 2012.

Akzo Nobel India's board of directors at its meeting held on 20 May 2013 recommended a dividend of Rs 20 per share plus a special dividend of Rs 60 per share for the financial year ended 31 March 2013. Akzo Nobel India declared total dividend of Rs 80 per share for the year ended 31 March 2013. The company had paid dividend of Rs 20 per share in the year ended 31 March 2012.

Commenting on results, Amit Jain, Managing Director, Akzo Nobel India said, Akzo Nobel India is well positioned to harness its potential as a leading coatings company. In the face of challenging industry conditions in FY 2012-13, a PBT growth of 13% is a pointer to the inherent strengths of the company as an integrated coatings provider.

New businesses such as 'Wood Finishes and Adhesives' were launched this year and crucial capacities added. We continue to invest in growth, focusing on developing people capabilities, leveraging AkzoNobel's global R&D for launching innovative products and on expanding the distribution reach for multiple businesses.

Akzo Nobel India is a significant player in the paints industry.

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