Shalimar Paints bounces back
By
Research Desk
about 11 years ago
Shalimar Paints had hit a new 52-week low yesterday at Rs.48.95 and today, it bounced back, currently up 1.4% at Rs.53 levels. The company’s market cap stands at Rs.100 crore.
The stock is up in the green today after the management yesterday, on a TV interview stated that the company is mulling hiking prices to the tune of 3-5% in this month, to mitigate the impact of its imported raw materials, which are essentially petroleum derivatives. In August prices were hiked 2-3%. Thus the market is happy that the company is taking steps to preserve its margins in the face of this depreciating rupee.