Berger Paints moves north after rejig in promoter holding

Berger Paints India rose 2.01% to Rs 213.65 at 10:00 IST on BSE after the company's promoter entities rejigged their holding in the company via block deal mechanism on the stock exchanges.

Meanwhile, the S&P BSE Sensex was up 196.51 points or 0.75% at 26,562.66.

On the BSE, 12,000 shares were traded on the counter so far as against the average daily volumes of 85,698 shares in the past one quarter. The stock had hit a high of Rs 214.40 and a low of Rs 210 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 157.25 on 29 February 2016. It had underperformed the market over the past one month till 29 December 2016, sliding 13.16% compared with the Sensex's 0.11% fall. The scrip had also underperformed the market in past one quarter, declining 18.5% as against the Sensex's 5.25% fall.

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

Kuldip Singh Dhingra sold 5 lakh shares of Berger Paints India at Rs 208 per share in a block deal on the NSE yesterday, 29 December 2016. Vinu Dhingra offloaded 5 lakh shares at Rs 208 a piece. U K Paints India bought these entire 10 lakh shares.

Kuldip Singh Dhingra held 0.7% stake, Vinu Dhingra owned 0.83% and U K Paints India held 48.67% stake in Berger Paints India end September 2016.

On a consolidated basis, Berger Paints India's net profit rose 55.4% to Rs 138.78 crore on 7.5% growth in net sales to Rs 1142.14 crore in Q2 September 2016 over Q2 September 2015.

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

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