Asian Paints rose 0.97% to Rs 858.85 at 9:21 IST on BSE after consolidated net profit rose 25.82% to Rs 463.28 crore on 13.92% rise in total income to Rs 4195.82 crore in Q3 December 2015 over Q3 December 2014.
The Q3 result was announced after market hours yesterday, 18 January 2016.Meanwhile, the S&P BSE Sensex was up 86.82 points or 0.36% at 24,275.19.
On BSE, so far 19,000 shares were traded in the counter as against average daily volume of 98,000 shares in the past two weeks. The stock hit a high of Rs 871 and a low of Rs 854.65 so far during the day. The stock had hit a record high of Rs 924.65 on 5 August 2015. The stock had hit a 52-week low of Rs 693 on 16 June 2015. The stock had outperformed the market over the past one month till 18 January 2016, sliding 3.44% compared with Sensex's 5.22% fall. The scrip had also outperformed the market in past one quarter, declining 3.58% as against Sensex's 11.12% fall.
The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Rs 1.
Asian Paints has made an assessment of the fair value of investment made in its subsidiary, Sleek International Private Limited (Sleek) taking into account the past business performance, prevailing business conditions and revised expectations of the future performance given the understanding built up since acquisition. Based on these factors and as a matter of prudence, the company has recognised an impairment loss on the 'goodwill on consolidation' of Rs 52.50 crore, which was recognized on acquisition of Sleek, in Q3 December 2015. This has been considered as an exceptional outgo during the quarter.
The Q3 results include financials of Kadisco Paint and Adhesive Industry Share Company, (Ethiopia) in which the company's wholly owned subsidiary, Berger International Private, Singapore acquired 51% stake on 9 February 2015.
Asian Paints after market hours yesterday, 18 January 2016 announced that as part of the company's plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) Limited (APIL), Mauritius, a wholly owned subsidiary of the company has transferred its entire holding of 54.07% held in the subsidiary company, Asian Paints (South Pacific) Limited, Fiji, to Berger International Private Limited, Singapore, a wholly owned subsidiary of APIL.
Separately, Asian Paints after market hours yesterday, 18 January 2016 announced that as a further step to creating a complete bathroom solutions over time, the company shall be launching a comprehensive sanitaryware range by end of January 2016 under the brand name "Ess Ess by Asian Paints. This is a step further towards the company's vision to move from being a paints company to being a provider of complete decor solution to help customers create their dream homes, the company said.
Asian Paints is a paint producing company.
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