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Asian Paints shares in focus today as company raises capacity of Khandala plant

Asian Paints shares in focus today as company raises capacity of Khandala plant

Shares of Asian Paints ended 0.28% lower at Rs 3088.95 in the previous session on BSE. Market cap of Asian Paints stood at Rs 2.96 lakh crore.

Aseem Thapliyal
Aseem Thapliyal
  • Updated Nov 15, 2023 9:29 AM IST
Asian Paints shares in focus today as company raises capacity of Khandala plant Asian Paints stock stands higher than the 10, day, 20 day, 30 day and 200 day but lower than the 5 day, 50 day, 100 day and 150 day moving averages.
SUMMARY
  • The paint maker has spent Rs 385 crore (approx.) for raising the installed capacity.
  • Asian Paints shares have a one-year beta of 0.2, indicating very low volatility during the period.

Shares of Asian Paints Ltd are in news today after the paints maker said that the original installed production capacity of the Khandala plant has been raised to 4,00,000 KL per annum in order to meet the medium-term capacity requirements of the company. The plant was set up with an installed production capacity of 3,00,000 KL per annum (original installed production capacity).  

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Asian Paints stock ended 0.28% lower at Rs 3088.95 in the previous session on BSE.  Total 0.53 lakh shares of Asian Paints changed hands amounting to a turnover of Rs 16.21. Market cap of Asian Paints stood at Rs 2.96 lakh crore . Asian Paints shares have a one-year beta of 0.2, indicating very low volatility during the period.    

In terms of technicals, the relative strength index (RSI) of Asian Paints stands at 51.1, signaling it's trading neither in the overbought nor in the oversold zone. Asian Paints stock stands higher than the 10, day, 20 day, 30 day and 200 day but lower than the 5 day, 50 day, 100 day and 150 day moving averages.  

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The paint maker has spent Rs 385 crore (approx.) for raising the installed capacity, which has been funded through internal accruals. The company has received necessary approval from the Maharashtra Pollution Control Board, Mumbai. 

"The company had set up a paint manufacturing plant at Khandala, Satara, Maharashtra (Khandala plant) with an installed production capacity of 3,00,000 KL per annum (original installed production capacity) and an ultimate production capacity of 4,00,000 KL per annum. The existing capacity utilisation of the Khandala plant is at around 80% of the original installed production capacity. This is to inform you that the original installed production capacity of the Khandala plant has been increased to 4,00,000 KL per annum in order to meet the medium-term capacity requirements of the Company. An amount of Rs. 385 crore (approx.) has been invested by the Company towards the above increase in installed capacity and the same has been funded through internal accruals. The intimation is being submitted today being the first working day after receipt of the necessary approval from the Maharashtra Pollution Control Board, Mumbai," said Asian Paints.    

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The company reported a 53.31 percent rise in consolidated net profit to Rs 1,232.39 crore in Q2 against Rs 803.83 crore in the year-ago period. Sequentially, profit slipped 21.74 percent. The firm logged a consolidated revenue of Rs 8,478.57 crore in the September quarter against Rs 8,457.57 crore in the year-ago period.  Revenue declined 7.66 percent from the June quarter. 

 

Also read: Stock recommendations for November 15 2023: Tata Power, BHEL, Manappuram Finance, Union Bank and Oil India

Also read: RIL, ICICI Bank, Infosys, HDFC Bank shares to see outflows on MSCI weightage cuts 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Nov 15, 2023 9:29 AM IST
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