India's Indigo Paints rises after Investec upgrades rating

JSW Dulux

15/02/2024 08:42

** Shares of Indigo Paints  INDG.NS  rise 3.7% to 1,512.55
rupees 
    ** Brokerage Investec upgraded rating on the paintmaker to
'hold' from 'sell'
    ** While Indigo Paints, like other peers, would be impacted
by stiff competition, recent initiatives (expanding to tier I,
II towns, foray into waterproofing) should help it grow faster
than peers - Investec
    ** Four analysts raised PT on the 'hold'-rated stock since
it reported Q3 profit jump - LSEG
    ** Berger Paints  BRGR.NS  now the only sell-rated stock
among major paint makers, while Asian Paints  ASPN.NS , Akzo
Nobel India  AKZO.NS  and Kansai Nerolac  KANE.NS  rated 'hold'
- LSEG
    ** Among paint stocks, BRGR and AKZO have risen more than
INDG's 14% climb in 2023     

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