The stock price has broken down on the daily chart with higher volumes where it closed at the lowest level since 03 November
Recovery in domestic growth and lower input costs should aid margin improvement
Ipca Labs has tripled in the last one year from the lows of Rs 817 and continues to hold the same strength and momentum. Charts indicate more headroom from the current levels
Shriram Transport Finance, Asian Paints, Nestle India, L&T, Bajaj Finance, Colgate-Palmolive India, Shree Cement, Ipca Laboratories, NTPC and Pidilite Industries were up in the range of 3% to 8%
The company had posted a net profit of Rs 842.14 crore in the July-September quarter a year ago
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For the quarter under review, analysts at IDBI Capital expect a strong recovery in the decorative coatings business compared to 1QFY21.
In the past three months, Asian Paints (up 22 per cent) and Berger Paints (up 19 per cent) outpaced the benchmark index, which gained 8 per cent during the same period
A 57 per cent market share in the automotive paints segment makes Kansai Nerolac the largest segmental player
In addition to paints, construction chemicals and home decor could add to incremental growth
Gains from expected business recovery and benign input costs already priced in Asian Paints and Berger Paints' scrips
Kansai Nerolac Paints and Shalimar Paints, too, were up 2 per cent each, as compared to 1.4 per cent rise in the S&P BSE Sensex at 01:08 pm
46% fall in top line and muted profit margin led to 88% dip in pre-tax profit in June quarter
The company's decorative business segment witnessed improving business conditions in May and June
Revenue down by 43% and PBT 70%; scepticism is around sustenance of volume recovery
Revenue from Home Improvement was at Rs 52.09 crore compared to Rs 107.84 crore last year
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June performed better than May as things began to normalise; however production levels are back to only 60-70 per cent, analysts note.
Today, a total of 71 companies including ITC, Asian Paints, and Ambuja Cements are scheduled to announce their quarterly results
The 200-DMA is acting as a major hurdle for major stocks like ACC Ltd, Adani Ports, and Asian Paints, among others