Bergers Paints shares climb over 6%, hit 52-week high on ex-bonus day
Berger Paints climbed over 6% to hit a new 52-week high at Rs 666 in Friday's trade on BSE as it traded ex-bonus in the session.
«Berger Paints fixed Saturday, September 23, 2023, as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issue of bonus equity shares of the company in the ratio of 1:5, i.e., 1 equity share of Re 1 each for every 5 equity shares of Re 1 each,» the company said in an exchange filing.
At 11.58 a.m., the stock was trading 5.8% higher at Rs 663.5 on BSE. On a year-to-date basis, the stock has gained nearly 40%, However, in the last two years, it has delivered negative 2% returns to its investors.
Earlier, during the June quarter results, Berger Paints' Board of Directors approved the bonus issue of one bonus equity share against five equity shares.
In Q1 FY24, the company reported a nearly 40% year-on-year (YoY) jump in its consolidated net profit at Rs 355 crore versus Rs 254 crore in the same quarter last year.
The revenue from operations jumped 9.2% YoY to Rs 3,029 crore against Rs 2,773 crore reported in the year-ago period.
Its consolidated EBITDA for the quarter ended June 30, 2023, was Rs 556.75 crore against Rs 405 crore in the corresponding quarter of the last year, representing an increase of 37.5% over the corresponding quarter of last year.
As per Trendlyne data, the average target price of the stock is Rs 655, which indicates a downside of 2% from the current market prices. The consensus recommendation from 19 analysts for the stock is a 'Sell'.
In terms of technicals, the relative strength index (RSI) of the stock stands at 70.9, signalling its trading in the overbought zone.
