Asian Paints rises after Macquarie maintains outperform rating; sets target at Rs 3,800

Asian Paints Share Price: Asian Paints shares are rising higher on BSE on Wednesday (December 6) after brokerage Macquarie maintained the outperform rating on the company and on the back of falling prices of crude oil.

Asian Paints shares were trading higher by 1.73 per cent, or Rs 55.75, at Rs 3281.95 each at 10:55 am on Wednesday.

While Macquarie maintained outperform rating on Asian Paints, it also set the 12-month share price target at Rs 3,800, with an 18.97 per cent upside from the current market price.

In its brokerage report, Macquarie said that it expects the company's volume growth in the second half to be driven by festive demand in Q3 and an increase in exterior painting during the fourth quarter.

It further said that the double-digit growth for the company is expected to sustain over the next five-seven years. 

Fine for GST violation

Asian Paints on Tuesday informed that The Assistant Commissioner, CGST Delhi East, has slapped the company with a GST penalty worth Rs 2.33 lakh for disallowing and recovering ineligible input tax credit amounting to Rs. 20.89 lakh.