Shares of Asian Paints jumped over 8 per cent to a record high in trade on Thursday after India’s largest paint maker reported an 18.46 per cent increase in consolidated net profit at Rs 552.56 crore in the June quarter.
The stock hit an intraday high of Rs 1152.65, up 8.55 per cent, its biggest intraday percent gain since September 2013. However, the scrip settled the day 6 per cent higher.
Over 2.9 million shares exchanged hands, reaching near three times their 30-day average volumes within an hour of trading.
Sector competitors such as Pidilite Industries, Kansai Nerolac and Berger Paints India were also up 2.9 per cent, 4.7 per cent and 4.5 per cent, respectively.
Asian Paints on Wednesday reported 18.46 per cent increase in consolidated net profit at Rs 552.56 crore for the first quarter ended June 30, 2016.
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The company had reported a net profit of Rs 466.42 crore in the same period of previous fiscal.
Its total income from operations stood at Rs 4,082.08 crore in the quarter under review, up 10.23 per cent as against Rs 3,703.04 crore in the corresponding quarter last fiscal.
[“source-gsmarena”]