India's Kansai Nerolac jumps on $87 mln land parcel sale

Berger Paints India

27/12/2023 04:54

** Shares of Kansai Nerolac  KANE.NS  rise ~10% to a 52-week
high of 357.30 rupees in heavy volume
    ** Paint maker to sell land parcel in Mumbai for 7.26 bln
rupees ($87 mln)
    ** Stock last up ~5%, on track for best day since Aug 2022
    ** Over 2.5 mln shares traded in stock's busiest day since
early Aug this year, when it reported huge jump in Q1 profit
    ** KANE only "buy"-rated stock among major paint stocks in
India - LSEG data
    ** Among paint stocks, only Berger Paints India  BRGR.NS 
has risen more than Nerolac's 17% in 2023
 
 ($1 = 83.2350 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))