Asian Paints Ltd. has completed the capacity expansion of its Mysuru plant to 6 lakh kilolitres per annum after investing Rs 1,305 crore in order to meet the medium-term capacity requirements of the company.
The company funded the investment through internal accruals. The paint manufacturer had set up the plant in Karnataka in 2018 with an annual production capacity of 3 lakh kilolitres per annum, according to an exchange filing.
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Shares of Asian Paints declined as much as 1% during the day to Rs 2,888 apiece on the NSE. It erased losses to trade 0.34% higher at Rs 2,927 per share, compared to a 0.51% advance in the benchmark Nifty at 1:38 p.m.
The share price has declined 13.32% in the last 12 months and 13.92% on a year-to-date basis. The total traded volume so far in the day stood at 0.55 times its 30-day average. The relative strength index was at 56.07.
Out of the 38 analysts tracking the company, 11 have a 'buy' rating on the stock, as many recommend 'hold' and 16 suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 0.3%
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