Asian Paints trades in green as paint major plans Rs 2,650 crore backward integration, including white cement JV in UAE
Asian Paints also announced an interim dividend of Rs 4.40 per equity share. The company informed that the dividend will be paid to the shareholders on or after Thursday, November 10.
Asian Paints share price gained marginally in early trade on Friday a day India's leading paint manufacturer announced its September quarter earnings and a Rs 2,650 crore backward integration plans. The stock opened flat at Rs 3,146 apiece on the NSE and Rs 3,146 on BSE. The counter had dropped more than 3 per cent on Thursday post Q2FY23 announcement.
The Mumbai headquartered reported 32.83 per cent rise in consolidated net profit at Rs 803.83 crore for the second quarter, missing the Street expectations. It had reported a net profit of Rs 605.17 crore in the same quarter last fiscal year. Sales in the international market increased 15.3 per cent in Q2FY23 to Rs 805.99 crore from Rs 699.28 crore in the year-ago period, according to the company said.
Asian Paints also announced an interim dividend of Rs 4.40 per equity share. The company informed that the dividend will be paid to the shareholders on or after Thursday, November 10.
Following Asian Paint's second quarter business update, brokerages have revised targets.
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