Asian Paints loses sheen after weak Q4 results

Meanwhile, the S&P BSE Sensex was up 22.39 points or 0.11% at 19,961.43.

On BSE, 11,000 shares were traded in the counter as against average daily volume of 13,681 shares in the past one quarter.

The stock hit a high of Rs 4,670 and a low of Rs 4,603 so far during the day. The stock had hit a 52-week low of Rs 3,447.90 on 26 July 2012. The stock had hit a record high of Rs 5,047 on 21 March 2013.

The stock had underperformed the market over the past one month till 9 May 2013, rising 3.15% compared with the Sensex's 9.4% rally. The scrip had, however, outperformed the market in past one quarter, gaining 3.34% as against Sensex's 2.33% rise.

Shares of Asian Paints have declined 4.65% in two trading sessions from a recent high of Rs 4,849.80 on 8 May 2013, after the company during trading hours on Thursday, 9 May 2013, reported weak Q4 March 2013 results. The stock had fallen 3.63% to settle at Rs 4,673.60 on Thursday, 9 May 2013.

Asian Paints' consolidated net profit declined 3.2% to Rs 251.11 crore on 6.9% growth in net sales to Rs 2713.67 crore in Q4 March 2013 over Q4 March 2012.

Asian Paints' consolidated net profit rose 12.7% to Rs 1113.88 crore on 13.6% growth in net sales to Rs 10906.01 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Asian Paints' board of directors at a meeting held on Thursday, 9 May 2013, recommended a 10-for-1 stock split.

Asian Paints is India's largest paint company. It operates in 17 countries across the world with 24 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints - Egypt, Asian Paints, Apco Coatings and Taubmans.

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