Asian Paints stock jumps 5% on reports of rise in prices across portfolio

Shares of Asian Paints rallied as much as 5.09 per cent at Rs 2,979 per share on the BSE in Wednesday’s intraday trade. This came after Asian Paints reportedly increased prices across its portfolio by up to 1 per cent. This move boosted the company's share price, despite weakness in the market.

At 02:18 PM; the stock of the company gave up half of its gains and was trading 2.89 per cent higher at Rs 2989.05 per share on the BSE. In comparison, the BSE Sensex fell 0.89 per cent to 79,634 levels.

The share price of the company has been an underperformer for quite some time, the shares have dipped 11.87 per cent year to date, while falling over 10 per cent in the last one year. 

Asian Paints is presently trading near its 52-week low of Rs 2,671, hit on June 10, 2024. The company’s stock had reached a 52-week high on July 24, 2023.

The largecap firm has a total market capitalisation of Rs 2.86 trillion with its shares currently trading at a price to earnings multiple of 52.37. The earning per share of the company stood at Rs 55.48, BSE data showed. 

Asian Paints Ltd., India's largest paints company, recorded a 10 per cent growth in volume for its decorative business in the March quarter of FY24. The revenue for the quarter was recorded at Rs 8,731 crore, marking a decline of 0.6 per cent compared to the same quarter last year. The net profit for the Q4FY24 stood at Rs 1,275 crore.