Asian Paints slips on brokerage downgrade

Asian Paints fell 1.20% to Rs 1,755 after a global research firm reportedly downgraded the stock to 'equalweight' from 'overweight' with a target price of Rs 1,820 per share.

The brokerage reportedly said that Asian Paints is a long-term player and expects it to yield a balanced risk-reward ratio at the current market price.

Meanwhile, the S&P BSE Sensex was down 287 points or 0.74% to 38,535.52.

Shares of Asian Paints gained 1.36% in the past two trading sessions to settle at Rs 1,776.25 on Friday, 27 September 2019, from its close of Rs 1,752.40 on 25 September 2019.

On the BSE, 18,760 shares were traded in the counter so far compared with average daily volumes of 75,767 shares in the past two weeks. The stock hit an intraday high of Rs 1,772 and an intraday low of Rs 1,738.50 so far during the day.

The stock hit a 52-week high of Rs 1,819.55 on 23 September 2019. The stock hit a 52-week low of Rs 1,119.60 on 23 October 2018.

Asian Paints' consolidated net profit jumped 17.7% to Rs 655.44 crore on a 16.9% surge in net sales to Rs 5,130.63 crore in Q1 June 2019 compared with Q1 June 2018.

Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services.

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