Paint stocks in focus; Asian Paints, Berger Paints hit new high

Stock Market - Shares of paint companies were in focus with Asian Paints and Berger Paints India hitting their respective new highs on the BSE on expectation of a healthy volume growth in April-June quarter (Q1FY19).
Berger Paints India has rallied 4% to Rs 307 on the BSE in intra-day trade, surpassing its previous high of Rs 305 recorded on May 29, 2018. Asian Paints hit a new high of Rs 1,348, up 1.7%, extending its past two days 2% gain on the BSE.

Asian Paints earlier today said that the board of directors of the company will meet on Tuesday, 24th July, 2018, to consider and approve the audited standalone financial results of the Company for the quarter ended 30th June, 2018 (Q1FY19).

“Asian Paints likely to record sales growth of around 15% year on year (YoY) to Rs 43.88 billion in Q1FY19 mainly due to around 12% YoY volume growth. Higher volume growth would be largely on account of lower base (GST related de-stocking of inventory),” ICICI Securities said in Q1FY19 results preview.