Berger Paints gains as major promoter hikes stake in rejig

Berger Paints India rose 2.32% to Rs 235.60 at 11:22 IST on BSE as major promoter U K Paints India increased stake in a rejig of promoter holding via bulk deal mechanism on the stock exchanges.

Meanwhile, the S&P BSE Sensex was up 88.84 points or 0.3% at 29,498.36.

On the BSE, 87,000 shares were traded on the counter so far as against the average daily volumes of 2.92 lakh shares in the past one quarter. The stock had hit a high of Rs 236.40 and a low of Rs 229.25 so far during the day.

The stock had hit a record high of Rs 276.80 on 12 September 2016 and a 52-week low of Rs 164.29 on 28 March 2016. It had underperformed the market over the past one month till 28 March 2017, sliding 0.65% compared with the Sensex's 2.32% rise. The scrip had, however, outperformed the market over the past one quarter advancing 12.59% as against the Sensex's 12.2% rise.

The large-cap company has equity capital of Rs 97.10 crore. Face value per share is Rs 1.

KSD Family Trust sold 65 lakh shares of Berger Paints India at Rs 232 per share in a bulk deal on the BSE on 28 March 2017. GBS Dhingra Family Trust sold 65 lakh shares. U K Paints India bought the entire 1.30 crore shares.

U K Paints India controlled 48.77% stake, KSD Family Trust held 1.53% and GBS Dhingra Family Trust owned 1.28% stake in Berger Paints India end December 2016.

On consolidated basis, Berger Paints India's net profit fell 2% to Rs 109.12 crore on 5.2% growth in net sales to Rs 1170.20 crore in Q3 December 2016 over Q3 December 2015.

Berger Paints India manufactures and markets a range of decorative and industrial paint products and has operations throughout India.

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