India's Kansai Nerolac rises most in over 9 months on Q4 profit jump

Kansai Nerolac Paints

09/05/2023 05:00

** Shares of Kansai Nerolac Paints Ltd  KANE.NS  rise as
much as 10.3% to 444.20 rupees, marking their sharpest intraday
pct gain since Aug 2, 2022
    ** The paint maker reports a nearly four-fold jump in
March-qtr consol net profit, which came in at 937.7 mln rupees 
($11.47 mln), aided by an increase in demand for co's decorative
paints and a drop in raw material costs
    ** Rev from ops rose 12.8% to 17.34 bln rupees, while the
cost of materials fell 5.5%
    ** Board recommended a final dividend of 2.70 rupees per
share; approved declaration of bonus shares in the ratio of 1:2
    ** MACD line above the signal line since April 27,
indicating bullish momentum
    ** Shares hit their highest since Jan 2
    ** More than 618,200 shares change hands, 3.5x the 30-day
avg of 175,809 shares
    ** Eleven of the 20 analysts covering the stock have a "buy"
or higher rating, three have "hold" while six rate it at "sell"
or lower; median PT is 487.50 rupees - Refinitiv data
    ** Stock down 8.3% this year, up to last close



($1 = 81.7800 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))