Akzo Nobel India rose 1% to Rs 1,391.05 at 14:09 IST on BSE after the company said it inaugurated a specialty coatings production facility and colour laboratory in Noida, Uttar Pradesh.
The announcement was made after market hours yesterday, 27 December 2016.Meanwhile, the BSE Sensex was up 157.94 points, or 0.60%, to 26,371.38.
On the BSE, so far 806 shares were traded in the counter, compared with average daily volumes of 1,239 shares in the past one quarter. The stock had hit a high of Rs 1,399 and a low of Rs 1,367.50 so far during the day.
The stock hit a record high of Rs 1,740 on 31 August 2016. The stock hit a 52-week low of Rs 1,204 on 12 February 2016. The stock had underperformed the market over the past 30 days till 27 December 2016, falling 3.52% compared with the 0.52% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 18.53% as against Sensex's 7.35% decline.
The mid-cap company has equity capital of Rs 46.66 crore. Face value per share is Rs 10.
Akzo Nobel India announced that it has inaugurated a first-of-its-kind specialty coatings production facility and colour laboratory in Noida, Uttar Pradesh, to service its customers in the consumer electronics, automobile and cosmetics industry.
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With an investment of Euro 0.4 million or Rs 3 crore, the new site will manufacture 600 kilolitre of coatings annually, thus catering to the localisation drive undertake by many large companies. Already commissioned, the facility is in its first phase, the second phase is likely to be completed by the end of 2016, with scope for further expansion.
Net profit of Akzo Nobel India rose 18.5% to Rs 41.59 crore on 7.5% rise in net sales to Rs 670.69 crore in Q2 September 2016 over Q2 September 2015.
AkzoNobel is a leading global paints and coatings company and a major producer of specially chemicals.
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