CLSA downgrades Asian Paints to 'sell'
Jindal family-backed paint company taken up goal of modernising plants, enhancing capacity
Shares of related companies have gained up to 84 per cent, as against a 14 per cent rise in the S&P BSE Sensex
The improved liquidity position, increased reach and distribution network through Hella is expected to improve the operating margins of the company going forward
Paint companies Asian Paints and Berger Paints have taken high-single-digit price increases across their portfolio in a move to offset the rising inputs costs, indicate reports
The recent reversal in paint stocks may see aggravated buying momentum after conquering significant resistances
The stock soared 13% to Rs 158, also its 52-week high on the BSE, on back of heavy volumes.