Asian Paints shares end higher as firm raises capacity of Mysuru plant

Shares of Asian Paints closed higher on Monday after the paint maker said installed capacity of the Mysuru plant has been raised to 6,00,000 KL per annum in order to meet the medium-term capacity requirements of the company. The existing capacity utilisation of the Mysuru plant is at around 78% of the installed production capacity of 300,000 KL per annum.

Asian Paints shares rose 0.73% higher intra day at Rs 2938.65 against the previous close of Rs 2917.30 on BSE.  Later, the stock closed 0.34% higher at Rs 2927.15. Total 0.82 lakh shares of Asian Paints changed hands amounting to a turnover of Rs 24.08 crore. Market cap of Asian Paints stood at Rs 2.80 lakh crore. Asian Paints shares have a one-year beta of 0.5, indicating very low volatility during the period.

In terms of technicals, the relative strength index (RSI) of Asian Paints stands at 54.4, signaling it's trading neither in the overbought nor in the oversold zone. Asian Paints stock stands higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day but lower than the 150 day, 200 day moving averages. 

“An amount of Rs. 1,305 crore has been invested towards the above increase in installed capacity and the same has been funded through internal accruals. The intimation is being submitted today being the first working day after receipt of the necessary approval from the Karnataka State Pollution Control Board, Bengaluru, for the said increase,” said Asian Paints in a communication  to bourses.