Kansai Nerolac Paints share price jumps over 9% to hit 52-week high on plans to monetise land parcels for ₹726 crore
₹355.00 apiece on the BSE. In a regulatory filing, Kansai Nerolac Paints said that its board of directors has approved a proposal for monetization of idle land parcels of the company not being put for productive use.
Also Read: Happy Forgings share price lists with 17.8% premium at ₹1001.25 apiece on BSE The company has entered into an agreement for sale with Aethon Developers Pvt Ltd, a subsidiary of Runwal Developers Pvt Ltd, for the sale of its land parcel at Lower Parel together with building thereon, for a consideration of ₹726 crore. The sale is subject to completion of procedures and approvals as may be necessary in this regard, it said.
In the second quarter of FY24, Kansai Nerolac Paints reported a net profit of ₹175.48 crore, registering a growth of 57.79% from ₹111.21 crore in the July-September quarter of FY23. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The company’s revenue from operations in Q2FY24 increased 1.32% to ₹1,956.54 crore from ₹1,930.96 crore in the corresponding quarter a year ago.
Earlier this month, brokerage firm Prabhudas Lilladher retained its ‘Accumulate’ rating on the stock and raised the target price to ₹370 per share based on 32xSept25EPS, from ₹351 earlier. Also Read: Aditya Birla Capital to invest ₹900 crore in two subsidiaries on rights basis “Kansai Nerolac Paints has been taking all the right steps, however valuations at 27.2xFY26 are factoring in expected increase in competition and consequent threat to market share and profitability post Grasim’s entry.
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