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Shares of paint maker Akzo Nobel India surged 3.95 per cent to a day’s high of Rs 3,747 on the National Stock Exchange (NSE) during intraday trade on Monday. The rise in the company's stock price followed news of its plan to sell a part of its non-performing immovable properties.
In an exchange filing on Friday, November 22, 2024, Akzo Nobel India stated, “The Board has approved a proposal to monetise the company’s immovable property/ies through sale, as they have limited or non-productive use for business operations.”
The filing further noted, “As and when the company finalises the sale of such immovable properties by signing definitive agreements, appropriate disclosures will be made to the stock exchanges.”
The development comes against the backdrop of news that Akzo Nobel India's parent company, Akzo Nobel NV, is conducting a strategic review of its portfolio to redeploy capital towards growing its core coatings businesses. The initial focus will be on its decorative paints positions in South Asia, Akzo Nobel NV said. "The review will explore various strategic options, ranging from partnerships or joint ventures to mergers or divestments," according to a release dated October 3, 2024.
In other news, Akzo Nobel India announced the appointment of Anil Chaudhry as an Additional Independent Director on the Board, effective November 22, 2024, following the resignation of Smriti Rekha Vijay.
Akzo Nobel India, a subsidiary of Dutch multinational Akzo Nobel NV, is involved in manufacturing, trading, and selling paints and related products under the brand name Dulux. The company also offers research and development services to its parent and group companies.
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As of November 25, 2024, the company’s market capitalisation stood at Rs 16,690.98 crore on the NSE.
The stock has delivered a 41 per cent year-to-date return and has a 52-week range of Rs 4,674 to Rs 2,267 on the NSE.
At around 1:51 PM on Monday, shares were trading at Rs 3,662, up 0.63 per cent from the previous close of Rs 3,639. Approximately 0.02 million shares worth Rs 7.21 crore were traded on the NSE and BSE combined.
Meanwhile, benchmark equity indices also traded higher by over 1 per cent. The BSE Sensex was at 79,915.73, up 798.62 points or 1.01 per cent, and the NSE Nifty50 was at 24,183.70, up 276.45 points or 1.16 per cent.
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