Asian Paints slips after muted Q4 show

The result was announced during trading hours today, 9 May 2013.

Meanwhile, the BSE Sensex was down 67.54 points, or 0.34%, to 19,922.64.

On BSE, 44,000 shares were traded in the counter as against an average daily volume of 13,044 shares in the past one quarter.

The stock hit a high of Rs 4,924.75 and a low of Rs 4,590.50 so far during the day. The stock had hit a record high of Rs 5,047 on 21 March 2013. The stock had hit a 52-week low of Rs 3,447.90 on 26 July 2012.

The stock had underperformed the market over the past one month till 8 May 2013, rising 4.80% compared with the Sensex's 8.42% rise. The scrip had also outperformed the market in past one quarter, rising 7.23% as against Sensex's 2.59% rise.

The large-cap company has an equity capital of Rs 95.92 crore. Face value per share is Rs 10.

"The company registered satisfactory growth inspite of the challenging environment. We witnessed slowdown in demand conditions in the quarter," said K.B.S Anand, managing director and CEO, Asian Paints.

"Industrial pains segment continues to be impacted due to economic slowdown. Automotive coatings growth was affected due to subdued demand in the auto sector. International business has recorded a good performance. Middle East has done well even though political events and macro economic uncertainity in some countries continue," he added.

The board of Asian Paints recommended a final dividend of Rs 36.50 per share for the financial year ended 31 March 2013.

Meanwhile, the company's board approved splitting each equity share of face value Rs 10 each into ten shares of the face value of Re 1 each (10-for-1).

Asian Paints is India's largest paint company and Asia's third largest paint company. It operates in 17 countries and has 24 paint manufacturing facilities in the world servicing consumers in over 65 countries. Besides Asian Paints, the group operates around the world through its subsidiaries Berger International, Apco Coatings, SCIB Paints and Taubmans.

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