India's Kansai Nerolac Paints drops after Q2 profit slump

Kansai Nerolac Paints

07/11/2024 04:55

** Shares of Kansai Nerolac Paints Ltd  KANE.NS  fall as
much as 2.3% to 279.20 rupees 
    ** The paint manufacturer reported a ~31% fall in Q2 consol
net profit to 1.23 bln rupees, weighed down by muted demand due
to heavy monsoons and high expenses  
    ** Rev up 0.3% at 19.51 bln rupees
    ** More than 311,000 shares traded, vs their 30-day moving
avg of 504,272 shares
    ** Mean rating of 16 analysts rating the stock is "hold";
their median PT is 320 rupees - LSEG data
    ** KANE stock down 15.7% YTD, including session's losses

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