Asian Paints in bright colours

Asian Paints is the top gainer on the BSE since morning. The stock hit a new 52-week high today at Rs.1152.65, with volumes spiking up over 6 times.

The market is thrilled with the company’s Q1FY17 performance. Its consolidated net profit rose 19% (YoY) at Rs.553 crore on a 10% jump up in total income at Rs.4082 crore. EBITDA came in at Rs.820 crore, up 20% and margins improved from 18.3% to 20.1%.

The good performance of Asian Paints has boosted the outlook for the other paint companies, as Kansai Nerolac which is scheduled to announce its numbers tomorrow, hit a new high today at Rs.337.75. Berger Paints is also right there amongst the top gainers.