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Last Updated : May 08, 2019 11:49 AM IST | Source: Moneycontrol.com

Kansai Nerolac falls after CLSA maintains sell call

Volatility in crude and currency exchange rates remain a concern, CLSA said

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Kansai Nerolac Paints shares declined over a percent intraday on May 8 after global brokerage house CLSA maintained sell call on the stock.

It expects stock price to fall 10 percent to Rs 385 amid volatility in crude oil prices.

The stock was quoting at Rs 425.80, down 0.99 percent on the BSE, at 1050 hours IST.

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The brokerage said the industrial segment is expected to remain under pressure though there is a positive outlook for its decorative business.

Company is confident of delivering double-digit volume growth in FY20 in decorative business, it added.

Volatility in crude and currency exchange rates remain a concern, CLSA said.

Oil prices rallied 50 percent from its December 2018 low of around $50 a barrel to recent high of around $75 a barrel. It is a key part of operating expenses of paint makers, so any rise or fall in crude oil prices will have a direct impact on their earnings.

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First Published on May 8, 2019 11:49 am
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