India's largest paints player Asian Paints Ltd shares gained following a block deal involving shares worth Rs 1,876 crore on Monday, June 16. Around 85 lakh shares or approximately 0.88 percent equity in the firm worth Rs 1,876 crore was traded.
Moneycontrol could not immediately ascertain the buyers and the sellers in the block deal.
In the previous week, oil-to-retail conglomerate Reliance Industries Ltd (RIL) said it sold 3.5 crore equity shares of Asian Paints at a price of Rs 2,201 apiece. RIL said it has a balance of 87 lakh equity shares of Asian Paints.
"Please note that 3.5 crore equity shares of Asian Paints held by Reliance Industries through Siddhant Commercials Limited have been sold today at a price of Rs 2,201 per share leaving a balance of 87 lakh equity shares of Asian Paints," said RIL in a stock exchange filing.
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Based on the March quarter shareholding data, promoters of the firm held the majority stake of 52.6 percent. FIIs and DIIs owned 12.2 percent and 15.6 percent in the firm, respectively, while the public shareholding clocked in at 19.5 percent.
The company had reported a net profit of Rs 692 crore in Q4 FY25, lower than the Street expectations. Consolidated revenue for the fiscal fourth quarter also fell by 4.3 percent year-on-year to Rs 8,359 crore.
The current demand conditions in the paint industry are possibly the weakest seen over the past two decades, CEO Amit Syngle during the post-earnings call with analysts and investors. He added that over the past 20 years, there hasn’t been a single year of negative growth in decorative paints until now. The rising competition also came as a sharp hit during the demand slowdown.
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