India paint maker Kansai Nerolac gains on Q1 profit rise

JSW Dulux

30/07/2024 06:14

** Kansai Nerolac Paints  KANE.NS  shares up 3%, set for
best day in three weeks
    ** Kansai Nerolac, a unit of Japan's Kansai Paint  4613.T ,
reports 4% rise on adjusted Q1 profit, helped by price hikes
    ** Other paint companies -- Shalimar Paints  SHLP.NS , Asian
Paints  ASPN.NS , Berger Paints  BRGR.NS  Akzo Nobel India
 AKZO.NS  -- also gain 1%-2.5%
    ** KANE rated 'hold' on avg, as is ASPN and AKZO, while BRGR
rated 'sell' (SHLP not covered) -LSEG data
    ** KANE down 12.5% YTD, with only SHLP worse off (down 17%),
while ASPN down 11.5% and BRGR 10%; AKZO lone gainer, up 14%
    ** KANE's fwd 12-month PW of 30.2 is lowest, just under
AKZO's 30.4, while BRGR at ~50 and ASPN at 54.4 -LSEG data

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))