Asian Paints and Berger Paints shares surge up to 4% on price hike
Shares of Asian Paints and Berger Paints surged up to 4% in Wednesday's trade on the BSE following reports of a price hike of up to 1% by the paint manufacturing companies.
According to reports, Asian Paints has increased prices of its products by 0.7-1% across its portfolio.
In Wednesday's trade, Asian Paints jumped 3.7% to Rs 3,014.4 while Berger Paints surged nearly 4% to Rs 531.8.
In Q4 FY24, Asian Paints reported a net profit of Rs 1,257 crore, up 2% year-on-year (YoY) from Rs 1,234 crore in the same quarter of the previous year. However, its revenue from operations slightly declined to Rs 8,731 crore compared to Rs 8,787 crore in the same quarter last year.
Berger Paints, in Q4 FY24, crossed Rs 10,000 crore in sales and Rs 1,000 crore in profit, driven by double-digit growth in sales volume and a nearly 24% increase in operating profit. The company's sales for the year rose by nearly 6% to Rs 10,002.90 crore, while operating profit surged over 24% YoY to Rs 1,671.70 crore.
According to Trendlyne data, the target price for Asian Paints is Rs 2,955, indicating a downside of 1% from the current market price. The consensus recommendation from 36 analysts for the stock is a 'Hold'. The relative strength index (RSI) of Asian Paints is currently at 50.5. An RSI below 30 is considered oversold, and above 70 is overbought.
For Berger Paints, Trendlyne data shows a target price of Rs 496, indicating a downside of 6% from the current market price. The consensus recommendation from 36 analysts for the stock is a
