Shares of paint companies faced pressure, falling up to 5 per cent on the BSE in Monday's intraday trade amid concerns that Grasim Industries' entry into the paint sector will intensify the competition. Asian Paints reached a 10month low of 2,850, slipping nearly 5 per cent after brokerage firm CLSA downgraded the stock following the Birla Opus launch. The paint maker's stock traded at its lowest level since April 28, 2023.
Asian Paints eventually settled 4 per cent lower at 2,868.4 on the BSE.
The stock has corrected 20 per cent from its 52-week high of ₹3,566.9 on July 24, 2023, having hit a 52-week low of 2,705.9 on April 3, 2023. Berger Paints, Indigo Paints, Kansai Nerolac, Shalimar Paints, and Sirca Paints India were down from 1 per cent to 2 per cent.
The S&P BSE Sensex was down 0.5 per cent at 72,790.
Grasim Industries, the flagship firm of Aditya Birla Group, announced its entry into the decorative paint business in India on Thursday with the launch of the new brand Birla Opus.
Diese Geschichte stammt aus der February 27, 2024-Ausgabe von Business Standard.
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