Akzo Nobel India hits record high after Q1 profit rises

JSW Dulux

01/08/2024 08:39

** Shares of Akzo Nobel India Ltd  AKZO.NS  rise as much as
3.4% to a record high of 3,076 rupees
    ** Maker of Dulux Paints reported a 4.3% rise in Q1 consol
net profit to 1.15 bln rupees ($13.74 mln), helped by a rise in
demand for its paint products
    ** Q1 consol rev from ops grew 3.7% y/y
    ** Adds, see an increase in raw material costs in the second
half of the fiscal and are taking necessary pricing actions
    ** Stock on track to gain for 5th straight day
    ** More than 59,000 shares traded as of 1:05 p.m. IST, 4.3x
their 30-day moving avg; busiest day yet since Feb 6
    ** AKZO last up 1.8%, adding to YTD gains of 16.2% 


($1 = 83.6860 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))