J.K. Cement said that its board has approved entering into Paint business through a wholly owned subsidiary.
The wholly owned subsidiary would undertake manufacturing, selling, trading, importing and exporting and otherwise dealing in all types of paints and allied products and services.
The board of directors has approved an investment of up to Rs 600 crore spread over the first 5 years in the paints business.
JK Cement has over four decades of experience in cement manufacturing.
The company's consolidated net profit declined 34.95% to Rs 142.71 crore on a 10.79% rise in sales to Rs 2030.49 crore in Q3 FY22 over Q3 FY21.
The scrip slumped 4.86% to currently trade at Rs 2510 on the BSE.
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