Shares of leading paints manufacturer Berger paints India Ltd surged over three percent, logging the best single day jump in more than seven weeks, on Monday to trade near the 52-week high levels.
The stock rallied over three percent to hit a high of Rs 747.5, trading higher than its last 52-week high of Rs 741.95 hit on September 14, 2023.
Kolkata-based Berger Paints has rebounded more than 40 percent from its 52-week low hit on February 3, 2023.
Shares of the country’s second largest paints manufacturer have performed well this year even as the company’s position is facing threat given Grasim is aiming for the number two spot over the next few years.
Berger Paints CEO and Managing Director Abhijit Roy recently told CNBC-TV18 that the company was most likely to record a double digit growth in sales volume and value in FY24.
He had said that the second quarter of FY24 might face some challenges but the company was optimistic over its performance in the third quarter and there onwards.
The company in August had announced a bonus share issue in the ratio of 1:5 after posting stellar performance in the first quarter.
The bonus shares would be issued on or before October 7, 2023. The company had stated its securities premium account was Rs 120.72 crore, which was sufficient for the bonus issue.
The company reported a 40 percent rise in consolidated net profit to Rs 354.35 crore for the April-June quarter against Rs 253.43 crore in the year ago period.
Revenue from operations increased 9.8 percent year-on-year to Rs 3,029.5 crore compared to Rs 2,759.7 crore in April-June 2022.
(Edited by : Asmita Pant)
