The paint maker on Friday (1 January 2021) announced that it subscribed 1.65 crore equity shares of its subsidiary, Kansai Nerolac Paints (Bangladesh).Kansai Nerolac Paints holds 55% stake in Kansai Nerolac Paints (Bangladesh) (formerly known as RAK Paints). In a further issue of shares, the subsidiary allotted 1,65,00,000 equity shares of face value Bangladeshi Taka (BDT) 10 each to Kansai Nerolac Paints. The investment aggregates to BDT 165 million (about Rs 14.33 crore). The paint maker said its shareholding in the subsidiary remains the same.
Kansai Nerolac Paints is a paint company which offers a range of products, including decorative, automotive coatings and performance coatings.
Shares of Kansai Nerolac rose 4.6% to Rs 634.50 on Friday.
Kansai Nerolac eyes expansion in Bangladesh
The Japanese paint maker will inject Tk 16cr into its subsidiary
The local market for paint is not enormous but the future is good as consumption is increasing with economic development. Star/file
Japanese company Kansai Nerolac will invest Tk 16 crore in its country subsidiary, Kansai Nerolac Paints Bangladesh (formerly known as RAK Paints), to expand its business and grab a bigger piece of the growing South Asian market.
Having entered the Bangladesh market in mid-2018, the East Asian paint maker on Friday announced to have subscribed to 1.65 crore equity shares of the subsidiary.
Market Watch (ETMarkets.com)
06:09 Min | December 30, 2020, 7:15 PM IST
Tune in as we discuss about D-Street s continuing rally, metal and cement stocks performance & more!
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Transcript
Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Nikhil Agarwal and here are the top headlines at this hour.
Sensex, Nifty end higher for 6th day led by auto and metals
Serum s chances for Covishield nod rise after UK regulator approves Oxford COVID-19 vaccine
Bitcoin hits new record, set for biggest monthly gain since 2019
India eyes asset sales to partly fund higher spending next year
Cement stocks rally up to 20% on heavy volumes
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NEW DELHI: Nifty again touched its lifetime high, but shied away from breaching the crucial mark of 14,000 in today s trade and formed a Dragonfly Doji formation for the day, signalling indecisiveness in the market. Nifty continued its winning streak for the sixth consecutive session, but the recent indecisive candles call for caution with the trade.
Rohit Singre, Senior Technical Analyst at LKP Securities said, The index has reached its immediate and strong hurdle zone of 14,000-mark and if Nifty managed to hold above the 14,000-mark, then only we may see the current bullish momentum to extend further towards the 14,200 zone. Otherwise, some profit booking can be witnessed and the index is likely to trade in the range of 13,800-14,000 zone.
Market Movers: HCL Tech, Tech Mahindra, Infosys rally up to 5%; 17 stocks flash ‘buy’ signal
Synopsis
As many as 25 components in the Sensex pack ended the day in green with HCL Technologies gaining the most.
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In the broader market, the BSE Smallcap and Midcap indices underperformed largecaps.
NEW DELHI: Shares of Shipping Corporation of India got traction on Tuesday after reports that the government has invited bids for privatising the state-run company this week. On the other hand, midcaps managed to outpace smallcaps and largecaps in the broader market.
Overall, the benchmark equity indices resumed their upward journey due to buying in IT, banking, engineering and telecom counters. The 30-share BSE Sensex closed nearly 453 points, or 0.99 per cent, up at 46,006. Similarly, the NSE Nifty index gained 138 points, or 1.03 per cent, to 13,466.