Asian Paints lost 5.06% to Rs 528.75 at 11:15 IST on BSE, with the stock reversing direction after scaling record high in volatile trade.
The Q4 result was announced after market hours on Wednesday, 14 May 2014.
Meanwhile, the BSE Sensex was up 22.80 points, or 0.1%, to 23,837.92
On BSE, so far 1.56 lakh shares were traded in the counter, compared with an average volume of 95,041 shares in the past one quarter.
The stock was volatile. The stock rose as much as 1.44% at intraday high of Rs 565 so far during the day, also its record high. The stock fell as much as 5.73% at the day's low of Rs 525 so far during the day. 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 14 May 2014, rising 2.77% compared with 5.24% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 17.92% as against Sensex's 16.93% 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 reported 14.45% rise in consolidated net profit to Rs 287.42 crore on 21.5% rise in total income to Rs 3338.19 crore in Q4 March 2014 over Q4 March 2013. The company's consolidated net profit rose 9.4% to Rs 1218.81 crore on 16.2% rise in total income to Rs 12849.03 crore in the year ended 31 March 2014 over the year ended 31 March 2013.
Asian Paints said that the results for the quarter and twelve months ended 31 March 2014 include consolidated financials of Sleek International in which the company acquired 51% stake on 8 August 2013. In view of this, the results for the quarter and twelve months ended 31 March 2014 are not comparable with the corresponding previous periods, the company said.
Asian Paints said that the Board of Directors of the company at its meeting held Wednesday, 14 May 2014, approved the reappointment of Shri K B S Anand as Managing Director & CEO of the company for a further period of three years with effect from 1 April 2015 i.e. for the period 1 April 2015 to 31 March 2018. The re-appointment will be subject to approval by the shareholders of the company at the ensuing Annual General Meeting.
Asian Paints said at the fag end of trading session on Wednesday, 14 May 2014, that the company has entered into a binding agreement with Ess Ess Bathroom Products (Ess Ess) and its promoters to acquire its entire front end sales business including brands, network and sales infrastructure, subject to satisfaction of certain conditions precedents and applicable statutory approvals. Ess Ess is a prominent player in the bath and wash business segment in India and has high quality products in this segment.
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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