Berger Paints is trading higher after the company announced that it has commenced commercial production of its Automotive and General Industrial paints production plant. The plant, which has a capacity of 4800 KL/MT per annum is at Jejuri near Pune in Maharashtra.
The plant will significantly strengthen Berger Paints' supply capabilities in the Automotive and General Industrial paints space. Berger Paints, which currently has a turnover of more than Rs 5000 crore and is among the largst paint companies in the country, plans to enhance capacity to 24,000 KL/MT per annum in a phased manner.
The stock advanced to Rs 235.45 on BSE in early trades, and is currently at Rs 233, up 1% from its previous closing price. The Berger Paints counter on BSE has clocked a volume of over 13 million shares so far in the session, as compared to average daily volume of around 63,000 shares.
Berger Paints posted standalone net profit of Rs 95.93 crore in the quarter ended December 31, 2016 as compared to Rs 101.75 crore for the quarter ended December 31, 2015.
On consolidated basis, the group posted a net profit of Rs 109.12 crore in the quarter ended December 31, 2016 as compared to Rs 111.37 crore in the year-ago quarter.
