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Brokerages remain cautious on Asian Paints despite recent rally in stock

Shares of Asian Paints rose to a two-month high, but brokerages remain cautious amid regulatory scrutiny and growing competition in the premium segment

Brokerages remain cautious on Asian Paints despite recent rally in stock
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If the final report suggests that Asian Paints has violated market practices, it will be penalised, and the brand will suffer reputational damage, believes ICICI Securities

Deepak Korgaonkar Mumbai

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Shares of the largest Indian paint company, Asian Paints, hit a two-month high of ₹2,464, up 2 per cent on the BSE in Thursday’s intra-day trade amid heavy volumes. The stock price of the paint company has bounced back nearly 5 per cent from Wednesday’s low, shrugging-off the probe by the Competition Commission of India (CCI).
 
The stock, which has outperformed the Nifty50 over the past month, delivering 7.8 per cent returns compared to 3.5 per cent for the benchmark, ended the day a tad higher. 
 
The CCI has ordered its director general (DG) to investigate allegations of misuse of