Berger Paints is up in green for the second successive day, with the company's plants at Maharashtra and Assam commencing commercial production this week.
The stock rose to Rs 239.75 on NSE (Rs 239 on BSE) this afternoon and despite retreating slightly to Rs 237.15, remains in positive territory with a gain of about 1.1%.
Berger Paints has gained about 32% after tumbling to around Rs 180 in late November 2016.
On 27 March 2017, Berger Paints commenced commercial production of its Automotive and General Industrial paints production plant having a capacity of 4800 KL/MTper annum at Jejuri near Pune in Maharashtra. This facility will strengthen Berger Paints' supply capabilities in respect of Automotive and General Industrial paints and the capacity will be enhanced to 24,000 KL/MT per annum in phases.
Berger Paints, which sees a turnover of more than Rs 5000 crore, is present in all segments of paint including Decorative, Automotive, Industrial, Protective and Powder Coatings.
The company's British Paints division commenced commercial production of its paint and putty plant at Nalbari, Assam on 29 March 2017. The plant has a capacity of 6600 KL/MT per annum of solvent and water based paints and 7200 MT per annum of putty and distemper.
A couple of days ago, GBS Dhingra Family Trust and KSD Family Trust sold 65 lakh shares each of Berger Paints at Rs 232 on BSE, to UK Paints India.
In the third quarter ended December 2016, Berger Paints posted a net profit of Rs 109 crore, down by about 2%, compared to the net profit it had recorded in the corresponding quarter a year earlier.
