India's Asian Paints set for worst week in 2-1/2 years

Berger Paints India

14/11/2024 09:03

** Shares of Asian Paints  ASPN.NS  slid ~11% for the week,
set for their worst weekly performance since Feb. 2022
    ** Paint maker's stock drops in 3 out of 4 sessions this
week, set for seventh straight week of decline; Indian markets
will be closed on Friday for a local holiday
    ** ASPN slumped to an over four-year low on Monday after its
Q2 profit missed estimates, as price cuts and floods in some
parts of India dragged down sales volumes
    ** At least 26 analysts slashed PT on ASPN after results;
median PT at 2,550 rupees vs 2,819 rupees last month- LSEG data
    ** Avg rating on ASPN, rivals Berger Paints  BRGR.NS  and
Kansai Nerolac  KANE.NS  at "hold" - LSEG data
    ** All three paint makers log YTD losses, with ASPN's
falling 27%, KANE dropping 21% and BRGR declining 19% 

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))