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Asian Paints share hits all-time high after Credit Suisse maintains outperform stance

Asian Paints share hits all-time high after Credit Suisse maintains outperform stance

Share of Asian Paints rose 2.38% to a record high of Rs 3393.7 against previous close of Rs 3,314.85 on BSE. It opened at Rs 3,334.95 on BSE today

 Asian Paints share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages Asian Paints share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages

Asian Paints share hit all-time high today after foreign research house Credit Suisse maintained its outperform stance on the stock.

The brokerage has given a target of Rs 3,650 per share. Share of Asian Paints rose 2.38% to a record high of Rs 3393.7 against previous close of Rs 3,314.85 on BSE. It opened at Rs 3,334.95 on BSE today.

Asian Paints share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The large cap share has gained 69.2% in one year and risen 21.31% since beginning of this year.

Total 0.31 lakh shares changed hands amounting to turnover of Rs 10.55 crore on BSE.

Market cap of the firm rose to Rs 3.21 lakh crore. The share hit 52-week low of Rs 1,908.30 on September 25, 2020.

The demand buoyancy continues with waterproofing a strong growth area for the India's leading paints player, said Credit Suisse.

The research house does not see any permanent hit to margins given high pricing power. The early festive season in FY22 and some pent-up demand should aid Q2 demand, said Credit Suisse.

At 11: 56 am, Asian Paints share was trading at Rs 3,354.35, up 1.05 percent on BSE.

Asian Paints reported an over two-fold rise in its consolidated profit to Rs 574.30 crore for the quarter ended June 30, 2021, on account of higher revenue from operations.

The company had posted a profit of Rs 219.61 crore during the April-June quarter of the previous fiscal.

Published on: Sep 07, 2021, 12:22 PM IST
Posted by: Aseem Thapliyal, Sep 07, 2021, 12:12 PM IST