Asian Paints share price: The stock slipped 0.58 per cent today to hit a low of Rs 2,851.90. At this price, the stock has plunged 20.05 per cent from its one-year high value of Rs 3,566.90, a level seen on July 24 last year.
The Nifty 50 ended the week in the red for the second consecutive week as banking heavyweights underperformed and geopolitical tensions and rising US bond yields dampened investor sentiment.
Abneesh Roy of Nuvama is positive on Asian Paints from a one-year perspective despite the overall consumption slowdown. The company reported a 12% volume growth in Q3, thanks to the festival season and strong wedding demand. Asian Paints margins also improved significantly, exceeding expectations. However, the stock price dip can be attributed to the overall weak market conditions and concerns about Grasim s entry.
Asian Paints shares dropped due to disappointing December quarter earnings. Kotak Institutional Equities recommended a Reduce rating, Motilal Oswal reiterated a Neutral view, while Nuvama remained upbeat with a buy recommendation. Asian Paints reported a 35% YoY rise in consolidated net profit for the quarter. Consolidated revenue from operations grew by 5.4% YoY.