Asian Paints moves higher after consolidating investments in overseas subsidiaries

Asian Paints rose 0.46% to Rs 1,168.75 at 14:39 IST on BSE after Asian Paints (International) transferred its entire stake in Asian Paints (Lanka) to Berger International.

The announcement was made after market hours yesterday, 19 September 2016.

Meanwhile, the S&P BSE Sensex was down 123.87 points or 0.43% at 28,510.63

On BSE, so far 22,000 shares were traded in the counter as against average daily volume of 94,372 shares in the past one quarter. The stock hit a high of Rs 1,173 and a low of Rs 1,164 so far during the day. The stock hit a record high of Rs 1,212.95 on 6 September 2016. The stock had hit a 52-week low of Rs 785 on 9 November 2015. The stock had outperformed the market over the past 30 days till 19 September 2016, rising 4.32% compared with Sensex's 1.99% rise. The scrip also outperformed the market in past one quarter, gaining 18.6% as against Sensex's 6.79% rise.

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

Asian Paints said that as a part of the company's plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 99.18% held in the subsidiary company, Asian Paints (Lanka), Sri Lanka, to Berger International, Singapore, a wholly owned subsidiary of APIL. The transfer process has been completed on 19 September 2016.

Asian Paints' consolidated net profit rose 18.47% to Rs 552.56 crore on 9.25% rise in total income to Rs 3709.31 crore in Q1 June 2016 over Q1 June 2015.

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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