Profit taking takes colour off Nerolac

DALAL STREET SPIKES

Goodlass Nerolac ended Rs 11 low to close at Rs 453.70 inspite of the company coming out with impressive quarterly numbers.

The scrip was almost flat in the afternoon trade before profit booking across the board pulled the stock down at close.

The counter witnessed volumes of 2,055 shares at the BSE. For the quarter ended December 31, 2003, the company registered a 50 per cent rise in net profit at Rs 16.94 crore as against Rs 11.25 crore in the same period last year.

The company's net sales jumped by 16.5 per cent to Rs 207.53 crore during the same period. Analysts tracking the sector said the boom in the housing construction and overall surge in demand of automobiles will help the companies maintain their bottomlines.

As on 31 December 2003, the promoters hold 64.52 per cent stake in the company, while general public, institutional and foreign investors hold 14.68 per cent, 15.26 per cent and 3.36 per cent, respectively.