Asian Paints rose 0.70% to Rs 614.60 at 9:15 IST on BSE after the company said its units has filed an application for setting up a paint manufacturing facility in Indonesia.
The company made the announcement after market hours on Friday, 22 August 2014.
Meanwhile, the BSE Sensex was up 71.19 points, or 0.27%, to 26,490.74.
On BSE, so far 2,743 shares were traded in the counter, compared with an average volume of 94,241 shares in the past one quarter.
The stock hit a high of Rs 616.40 and a low of Rs 613 so far during the day. The stock hit a record high of Rs 650.10 on 6 August 2014. The stock hit a 52-week low of Rs 376.35 on 28 August 2013.
The stock had underperformed the market over the past one month till 22 August 2014, rising 1.26% compared with 1.51% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 13.52% as against Sensex's 8.39% rise.
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The large-cap company has an equity capital of Rs 95.92 crore. Face value per share is Re 1.
Asian Paints announced after market hours on Friday, 22 August 2014, that Berger International (BIL), Singapore, a subsidiary of Asian Paints (International) (APIL), Mauritius, a wholly-owned subsidiary of the company, has on 22 August 2014 filed an application for investment approval with the Regulatory authorities at Jakarta, Indonesia for setting up a paint manufacturing facility as part of a greenfield foray into Indonesia. This greenfield venture is subject to necessary statutory and other approvals.
On a consolidated basis, Asian Paints net profit rose 23.07% to Rs 338.70 crore on 18.85% increase in total income to Rs 3409.55 crore in Q1 June 2014 over Q1 June 2013. Income from operations increased by 18.3% to Rs 3362.20 crore in Q1 June 2014 over Q1 June 2013. Profit before depreciation, interest, and taxes (PBDIT) (before exceptional item) increased by 19.8% to Rs 556.50 crore in Q1 June 2014 over Q1 June 2013.
The Q1 June 2014 results include consolidated financials of Sleek International, in which the company obtained 51% stake on 8 August 2013. In view of this, the results for the quarter ended 30 June 2014 are not comparable with the corresponding previous period, the company said in a statement.
Asian Paints is India's largest and Asia's third largest paint company. Asian Paints operates in 17 countries and has 25 paint manufacturing facilities in the world servicing consumers in over 65 countries.
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