Kansai Nerolac Paints rose 1.74% to Rs 1,230.55 at 12:25 IST on BSE after net profit surged 173.27% to Rs 122.70 crore on 1.99% rise in net sales to Rs 675.70 crore in Q4 March 2013 over Q4 March 2012.
The result was announced on Saturday, 4 May 2013.
Meanwhile, the BSE Sensex was up 47.39 points, or 0.24%, to 19,623.03.
On BSE, 1,627 shares were traded in the counter as against an average daily volume of 6,875 shares in the past one quarter.
The stock hit a high of Rs 1,265.80 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 1,219 so far during the day. The stock had hit a 52-week low of Rs 865 on 20 June 2012.
The stock had underperformed the market over the past one month till 3 May 2013, sliding 0.63% compared with the Sensex's 4.12% rise. The scrip had, however, outperformed the market in past one quarter, rising 10.17% as against Sensex's 1.04% fall.
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The mid-cap company has an equity capital of Rs 53.89 crore. Face value per share is Rs 10.
Kansai Nerolac Paints' net profit rose 35.34% to Rs 292.20 crore on 9.81% rise in net sales to Rs 2839.50 crore in the year ended March 2013 over the year ended March 2012.
The company reported an exceptional income of Rs 114.90 crore for the quarter and the year ended March 2013. The company retrospectively changed its method of providing depreciation on its fixed assets from the 'written down value' to the 'straight line' method. Accordingly excess depreciation charged for the previous years upto 31 March 2012 aggregating Rs 114.90 crore was written back and recognised as an exceptional item for the quarter and the year ended March 2013.
The company's profit from operations before other income, finance costs and exceptional items rose 10.76% to Rs 62.80 in Q4 March 2013 over Q4 March 2012. It rose 2.88% to Rs 289 in the year ended March 2013 over the year ended March 2012.
The board of Kansai Nerolac Paints recommended a dividend of Rs 11 per share for the year ended March 2013.
Kansai Nerolac Paints is the second largest paint company in India and is the leader in industrial segment. The company manufactures a diversified range of products ranging from architectural coatings for homes, offices, hospitals and hotels to sophisticated industrial coatings for most of the industries.
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