Asian Paints fell 0.53% to Rs 841.75 at 10:10 IST on BSE after the company said that discussions are continuing with Karnataka state government to setup another manufacturing facility for paints and intermediaries at Mysuru district in Karnataka.
The announcement was made after market hours yesterday, 16 July 2015.
Meanwhile, the S&P BSE Sensex was up 12.85 points or 0.05% at 28,458.97.
On BSE, so far 23,000 shares were traded in the counter as against average daily volume of 1.36 lakh shares in the past two weeks.
The stock was volatile. The stock fell as much as 0.73% at the day's low of Rs 840 so far during the day. The stock rose as much as 0.8% at the day's high of Rs 853.10 so far during the day. The stock had hit a record high of Rs 922.80 on 29 January 2015. The stock had hit a 52-week low of Rs 577.20 crore on 16 July 2014.
With regard to news item titled "Asian Paints to set up Rs. 2,300-cr unit in Karnataka", Asian Paints after market hours yesterday, 16 July 2015, clarified that discussions are continuing with the state government of Karnataka to setup another manufacturing facility for paints and intermediaries at Mysuru district in Karnataka. This is also subject to availability of required land, due diligence and obtaining necessary regulatory and other approvals, Asian Paints said. Asian Paints said that the proposals for setting up manufacturing facilities in the southern states of Andhra Pradesh and Karnataka are towards fulfilling the long term capacity requirements of the company and are subject to the future demand conditions.
Asian Paints' consolidated net profit rose 18.6% to Rs 340.97 crore on 6.9% growth in net sales to Rs 3490.39 crore in Q4 March 2015 over Q4 March 2014.
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world.
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