Shares of seven paint companies surged by 0.70% to 11% after industry leaders Asian Paints and Berger Paints reportedly implemented price increases.
Indigo Paints (up 11%), Sirca Paints India (up 5.62%), Kansai Nerolac Paints (up 3.40%), Asian Paints (up 3.27%), Berger Paints India (up 2.53%), Shalimar Paints (up 1.24%) and Akzo Nobel India (up 0.70%) surged.Asian Paints, India's largest paint manufacturer, reportedly hiked prices by 0.7-1% across its product portfolio. Berger Paints, another major player in the industry, is reportedly implementing a similar price increase of 0.7-1%, effective 22 July 2024.
The price hikes by these leading companies could signal a potential trend in the paint sector. Investors reacted positively to the news, as evidenced by the surge in paint company stocks.
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