Kansai Nerolac gains after promoter raises stake

Kansai Nerolac Paints rose 2.52% to Rs 302.75 at 15:00 IST on BSE after the company said its promoter raised its stake in the firm by 2.54% to 73.83%.

Meanwhile, the BSE Sensex was up 110.24 points, or 0.43%, to 25,799.10 .

On BSE, so far 59,000 shares were traded in the counter, compared with an average volume of 1.88 lakh shares in the past one quarter. The stock hit a high of Rs 304.50 and a low of Rs 292.20 so far during the day. The stock hit a record high of Rs 316.10 on 18 April 2016. The stock hit a 52-week low of Rs 201 on 16 June 2015. The stock had outperformed the market over the past one month till 9 May 2016, 4.94% compared with 4.11% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.39% as against Sensex's 6.94% rise.

The large-cap company has an equity capital of Rs 53.89 crore. Face value per share is Re 1.

Kansai Nerolac Paints' promoter, Kansai Paint Company, acquired 1.37 crore shares, or 2.54% equity, in the paint maker through open market purchase on 6 May 2016. Post acquisition, Kansai Paint Company holds 39.79 crore stake, or 73.83% equity, in Kansai Nerolac Paints.

Kansai Nerolac Paints' net profit jumped 920% to Rs 615.77 crore on 10.3% growth in net sales to Rs 888.20 crore in Q4 March 2016 over Q4 March 2015.

Kansai Nerolac Paints is the second largest coating company in India and a market leader in industrial coatings.

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