YADIYALA FINANCIAL SERVICES
 
Member Login
Username :
Password :
 
----------------------------------------
Information
» Life Insurance
» Non Life Insurance
» Mutual Funds
» Bonds
» Small Saving
» Loans
----------------------------------------
Online Services
» Policy Details
» Forms
» Free SMS
» Registration Form
» Investor Portfolio
» Industry News
 
Home Information Industry News Details
 
 
 Refer this page to a friend   Print preview

LIC raises stake in Asian Paints to 5%, shares in focus

02-Jan-2024

The Life Insurance Corporation of India raised its stake in paint manufacturer Asian Paints from 4.995 percent to 5 percent.

 

According to a filing on January 1, the state-owned LIC bought 48,652 shares in the paints major. If purchased at the CMP of Rs 3,394.55 apiece, the shares of Asian Paints would total around Rs 16.5 crore.

 

In 2023, shares of Asian Paints underperformed the benchmark Nifty 50. While the paints player’s stock price rose around 11 percent, as the frontline index clocked gains of around 19.5 percent. In comparison, LIC shares rose 20.79 percent during the same time period.

 

In a report from December 2023, Elara Securities suggested that the overall demand is likely to remain weak in Q3FY24, contrary to expectations of a recovery during the festival and marriage seasons since consumer sentiments were weak post-Diwali. InCred Equities also maintained its `reduce` rating on the paints major, with a target price of Rs 3,000 per share.

 

Promoters` holding in Asian Paints remained unchanged at 52.63 percent in the quarter ended September 2023. FII holdings stood at 17.7 percent, while DIIs maintained 10.1 percent holding in the company. The public had holdings of around 19.6 percent.

On January 1, LIC also received a GST notice of Rs 806.3 crore from the Maharashtra deputy commissioner of state tax for various compliance-related shortcomings in FY 2017-18. The demand notice includes Rs 365.02 crore of GST dues, Rs 404.7 crore of penalty, and an interest payment of Rs 36.5 crore.

 

In a December 28 regulatory filing, Asian Paints said that the company`s Sriperumbudur plant has received the environmental clearance from the state authority.

 

In Q2FY24, the paints company reported a consolidated net profit of Rs 1,232.39 crore, posting a 53.31 percent on-year rise. Revenue for the same period was up 0.03 percent to Rs 8 ,478.57 crore from Rs 8,457.57 crore.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Source : Money Control

Back Top
Disclaimer Privacy Policy Contact Us Feedback Site Map