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Asian Paints share trading lower ahead of Q1 earnings

Asian Paints share price fell up to 2.57% to Rs 1,683 against previous close of Rs 1,727 on BSE

twitter-logoBusinessToday.In | July 24, 2020 | Updated 13:50 IST
Asian Paints share trading lower ahead of Q1 earnings
Asian Paints share is trading higher than 50 day and 100 day moving averages but lower than 5 day, 20 day and 200 day moving averages

Share price of Asian Paints lost over 2% ahead of the firm's Q1 earnings set to be announced later in the day. Asian Paints share price fell up to 2.57% to Rs 1,683 against previous close of Rs 1,727 on BSE. Asian Paints share is trading higher than 50 day and 100 day moving averages but lower than 5 day, 20 day and 200 day moving averages.

At 1:25 pm, the share was trading 1.95% or Rs 33.60 lower at Rs 693.80 on BSE. Asian Paints share has lost 5.23% since the beginning of this year and gained 14.14% during the last one year. Total 0.33 lakh shares of Asian Paints changed hands amounting to turnover of Rs 5.62 crore on BSE.

The stock climbed to its 52 week high of Rs 1,915 on March 9, 2020 and 52 week low of Rs 1,431 on March 19, 2020. Market cap of the firm fell to Rs 1.62 lakh crore on BSE.

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Edelweiss Securities says revenue, earnings before interest, taxes, depreciation, and amortisation (EBITDA) and net profit would decline by 57.1 per cent YoY, 84.5 per cent YoY and 96.7 per cent YoY, respectively to Rs 2,190.4 crore, Rs 179.6 crore, and Rs 22.4 crore.

Referring to Q1 performance, the brokerage said, "We expect the lockdown to affect the full month of April and part of May, leading to Asian Paints reporting a volume dip of nearly 52 per cent YoY on a base of 16 per cent YoY growth. Price cuts in the paints have been nearly 1 per cent YoY, but we believe the effective price cut taking into account lower realisation and discounts would be negative 6 per cent."

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