Akzo Nobel India slips on profit booking after declaring Q2 result

Akzo Nobel India fell 1.45% to Rs 1,669 at 12:55 IST on BSE after net rose 18.46% to Rs 41.59 crore on 7.52% rise in net sales to Rs 670.69 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours on Friday, 21 October 2016.

Meanwhile, the BSE Sensex was up 123.93 points, or 0.44%, to 28,201.11

On BSE, so far 1,811 shares were traded in the counter, compared with an average volume of 1,785 shares in the past one quarter. The stock hit a high of Rs 1,710 and a low of Rs 1,667.70 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 outperformed the market over the past 30 days till 21 October 2016, rising 2.95% compared with 2.42% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 11.41% as against Sensex's 0.99% rise.

The mid-cap paints and coatings maker has an equity capital of Rs 46.66 crore. Face value per share is Rs 10.

Shares of Akzo Nobel India saw pre-result upmove, gaining 3.34% in the preceding five trading sessions to settle at Rs 1,693.55 on 21 October 2016, from its close of Rs 1,638.75 on 14 October 2016.

Akzo Nobel India's operating profit rose 28% to Rs 56 crore in Q2 September 2016 over Q2 September 2015.

Jayakumar Krishnaswamy, Managing Director, AkzoNobel India said that the company robust performance in Q2 September 2016 has been driven by innovation through growing brands, strong cost management and focus on sustainable operations. The company has also broken ground on its new powder coatings plant in Mumbai. The new facility will complement the company's existing plant in Bangalore, doubling its installed capacity, Krishnaswamy said.

Akzo Nobel India manufactures and markets a wide range of coatings covering decorative, powder, marine & protective, automotive & aerospace, coil & specialty plastics.

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