Asian Paints

Stocks to Watch: Adani Green Energy (AGEL) has decided to review its capital expenditure (capex) plan of Rs 10,000 crore for financial year 2023-24 (FY24)

The paint major's net sales increased by 1.3 per cent to Rs 8,636.7 crore

CLOSING BELL: Broader markets, too, were subdued in trade as Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.4 per cent.

The domestic decorative business registered a flat volume and value sales delivery for the quarter, on a very high price increase base in the previous year.

The company had posted a consolidated net profit of Rs 1,031.29 crore in the same period last fiscal, Asian Paints said in a regulatory filing

CLOSING BELL: Broader markets also gained in tandem with the frontline indices. The BSE Midcap and Smallcap indices closed 0.9 per cent and 0.5 per cent up, respectively

Stocks to Watch Today: In the F&O space, BHEL, Delta Corp, Indiabulls Housing Finance and PNB are the stocks in ban period on Thursday.

Sales performance in the festival season was muted; volumes expected to recover

Higher advertising costs and demand worries could put pressure on profitability

Among prominent stocks, ITC, Dixon Technologies, Axis Bank and Bajaj Finance seem poised to rally up to 14 per cent; whereas Asian Paints is seen testing the crucial 200-DMA level at Rs 3,131.

Stocks to Watch: The Competition Commission of India (CCI) has approved Carlyle Group and Advent International's acquisition of up to 10 per cent stake each in YES Bank

Asian Paints on Thursday announced Rs 2,100 crore of phased investment to set up a new plant to produce vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) in the country. The company also announced another Rs 550 crore of investment to set up a white cement plant in the UAE in partnership with two local firms there. The board has approved setting up of a manufacturing facility for VAE and VAM in the country. The company will invest around Rs 2,100 crore in the plant over the next three years, which includes the cost of land, the company informed the stock exchanges without giving other details like the location of the plant among others. The statement also said the plan is subject to entering into definitive agreements, including technology licence agreement from the US-based Kellogg Brown & Root, for manufacturing VAM and VAE and obtaining the necessary regulatory and other approvals. The proposed plant will have an installed capacity of 1 lakh tonne per annum .

The initial capacity to be set up would be 265,000 tonnes per annum. In addition, clinker grinding would be set up in India as well

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CLOSING BELL: Meanwhile, the rupee will fall further against the US dollar over the rest of the year, a Reuters poll showed. It slipped to a record low of 83.21 today, and ended at 82.75/$

Asian Paints on Thursday reported 32.83 per cent rise in consolidated net profit at Rs 803.83 crore for the second quarter ended September 30, 2022 driven by robust sales. The company had posted a net profit of Rs 605.17 crore in the same quarter last fiscal year, Asian Paints said in a regulatory filing. Revenue from operations stood at Rs 8,457.57 crore in the quarter under review as compared to Rs 7,096.01 crore in the year-ago period, it added. "The domestic decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended monsoon," Asian Paints Managing Director & CEO Amit Syngle said. The home decor business continued to gain traction with focus on lighting, kitchen and bath along with expansion of 'Beautiful Homes Stores' and the home decor implementation arm, 'Beautiful Homes Service' across markets, he added. Syngle further said,"The auto OE (original equipment) business ...

A fall in raw material prices from their recent peak and improved product mix will help drive EBITDA margin for Asian Paints in the coming quarters, analysts said

Despite the raw material pressures, the company posted a 172 bps expansion in operating profit margins as compared to the year ago period, given operating leverage benefits

Among individual stocks, Asian Paints, EIH and Alkem Laboratories can rally up to 18 per cent each. Hindustan Unilever and Metro Brands too are poised to log smart gains, indicate charts.

Berry will continue the hold of managing director at the company, the company said in a stock exchange filing