According to reports, Asian Paints has increased the prices of its products across its portfolio by 0.7-1%.
In Wednesday’s trade, Asian Paints rose 3.7% to Rs. 3,014.4 while Berger Paints rose nearly 4% to Rs. 531.8 was reached.
In Q4 of FY24, Asian Paints reported Rs. 1,257 crore in net profit, up from Rs. 1,234 crore up 2% year-on-year (YoY). However, its income from operations in the same quarter last year was Rs. 8,787 crores slightly down to Rs. 8,731 crores.
Berger Paints, in Q4 of FY24, posted sales of Rs. 10,000 crore and a profit of Rs. 1,000 crore, driven by double-digit growth in sales volume and around 24% growth in operating profit. The company’s sales for the year grew by nearly 6% to Rs. 10,002.90 crore, while operating profit grew by over 24% year-on-year to Rs. 1,671.70 crores.
According to Trendlyne data, the target price for Asian Paints is Rs. 2,955, which represents below 1% from the current market price. The consensus recommendation of 36 analysts for the stock is ‘Hold’. Asian Paints’ Relative Strength Index (RSI) is currently at 50.5. An RSI below 30 is considered oversold, and above 70 is considered overbought.
For Berger Paints, Trendlyne data indicates a target price of Rs 496, which represents a 6% downside to the current market price. The consensus recommendation of 36 analysts for the stock is ‘Sell’. Berger Paints’ RSI currently stands at 59.3. Additionally, the MACD is above its center and signal line at 3.4, which is a bullish indicator.
Berger Paints price is above the 5-day, 10-day, 20-day, 30-day, 50-day and 100-day simple moving averages (SMA). However, it is trading below the 150-day and 200-day SMA.
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