Sell Asian Paints, target price Rs 3196: ICICI Direct

economictimes.indiatimes.com:

Asian Paints with a target price of Rs 3196. The current market price of Asian Paints is Rs 3226.55.

ICICI Direct recommended to keep stoploss at Rs 3272. Asian Paints, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 310578.65 Crore) operating in Building Materials sector.

Asian Paints key Products/Revenue Segments include Paints, Enamels, Varnishes & Black, Other Operating Revenue and Sale of services for the year ending 31-Mar-2023.Financials For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 9379.38 Crore, up 5.47 % from last quarter Total Income of Rs 8892.82 Crore and up 7.74 % from last year same quarter Total Income of Rs 8705.91 Crore. Company has reported net profit after tax of Rs 1544.17 Crore in latest quarter.Investment Rationale Price closed below 50 days EMA coupled with reverse flag like formation, indicating further downsides in coming sessions.Promoter/FII Holdings Promoters held 52.63 per cent stake in the company as of 30-Jun-2023, while FIIs owned 17.48 per cent, DIIs 9.95 per cent.