Asian Paints advances after announcing good Q2 financials

Asian Paints rose 1.1% to Rs 1,140 on BSE after consolidated net profit rose 18.12% to Rs 494.76 crore on 10.48% rise in total income to Rs 4311.59 crore in Q2 September 2016 over Q2 September 2015.

The result was announced during market hours today, 25 October 2016.

Meanwhile, the S&P BSE Sensex fell 87.66 points or 0.31% at 28,091.42

On BSE, 1.82 lakh shares were traded in the counter as against average daily volume of 1.05 lakh shares in the past one quarter. The stock hit a high of Rs 1,156.90 and a low of Rs 1,117.20. The stock hit a record high of Rs 1,230 on 13 October 2016. The stock had hit a 52-week low of Rs 785 on 9 November 2015. The stock had underperformed the market over the past 30 days till 24 October 2016, falling 5.2% compared with 1.71% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 6.31% as against Sensex's 0.72% rise.

The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Re 1.

K.B.S. Anand, Managing Director & CEO, Asian Paints, said that the decorative business segment in India registered double digit growth in Q2 September 2016. However, a prolonged monsoon did affect demand in west and central India. Good demand conditions in the auto OEM and general industrial business segment led to improved performance of the automotive coatings joint venture (PPG-AP). In the industrial coatings joint venture (AP-PPG), the industrial liquid paints segment cotinued to grow well in Q2 September 2016. The international business performed well aided by contribution from pick-up in Nepal, Fiji and certain units in the Middle East, K.B.S. Anand said. The kitchen business (Sleek) and bath business (ESS ESS) in the home improvement category delivered good growth in Q2 September 2016, he added.

Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. The company along with its subsidiaries have operations in 19 countries across the world and 26 paint manufacturing facilities, servicing consumers in over 65 countries.

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