India's Kansai Nerolac rises on nod for Nerofix stake buy

Kansai Nerolac Paints

06/03/2023 04:18

** Shares of Kansai Nerolac Paints  KANE.NS  rise as much as
2.95% to 422.7 rupees, sharpest gain since Jan 31, 2023
    ** Paint maker on Friday said it approved acquisition of 40%
stake in Nerofix from Polygel at 370 million rupees ($4.53
million)
    ** Nerofix to become 100% owned by co post the acquisition
    ** More than 27,000 shares change hands in early trade vs
30-day avg of 140,076 shares
    ** Eleven of 20 brokerages rate the stock "buy" or higher,
four "hold" and five "sell" or lower; their median PT is 495
rupees - Refinitiv data
    ** Stock down 4.4% so far this year after losing 25.7% in
2022


($1 = 81.7340 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))