Asian Paints jumped 7.39% to Rs 1,140.25 at 9:55 IST on BSE after consolidated net profit rose 18.46% to Rs 555.56 crore on 10.36% rise in total income to Rs 4153.99 crore in Q1 June 2016 over Q1 June 2015.
The result was announced after market hours yesterday, 27 July 2016.Meanwhile, the S&P BSE Sensex was up 92.46 points or 0.33% at 28,116.79.
High volumes were witnessed on the counter. On BSE, so far 2.91 lakh shares were traded in the counter as against average daily volume of 90,889 shares in the past one quarter. The stock hit a high of Rs 1,143.85, which is also a record high for the stock. The stock hit a low of Rs 1,067.25 so far during the day. The stock had hit a 52-week low of Rs 778.75 on 8 September 2015. The stock had outperformed the market over the past one month till 27 July 2016, rising 9.01% compared with 6.14% rise in the Sensex. The scrip also outperformed the market in past one quarter, rising 19.36% as against Sensex's 7.52% rise.
The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Re 1.
Asian Paints' profit before depreciation, interest, and taxes (PBDIT) rose 20.9% to Rs 820.30 crore in Q1 June 2016 over Q1 June 2015.
K B S Anand Managing Director and CEO Asian Paints said that the decorative business segment in India registered double digit growth in Q1 June 2016. Lower raw material prices led to improved margins. Industrial business registered good growth in the industrial liquid paints category for the company's joint venture. AP-PPG while the other joint venture, PPG-AP saw good demand in the auto original equipment manufacturer and general industrials segment. International business performed well aided by good growth in markets like Nepal, UAE and Fiji. Both the segments in the home improvement category-the kitchen (sleek) and Bath (ESS ESS) business, delivered good topline growth in Q1 June 2016 over Q1 June 2015, he added.
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. The company along with its subsidiaries have operations in 19 countries across the world and 26 paint manufacturing facilities, servicing consumers in over 65 countries.
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