Asian Paints falls 2% even as BofAML sees an upside of 35%

Shares of Asian Paints slipped 2.6 percent intraday Thursday. Foreign research house BofAML has maintained buy with a potential upside of 35 percent.

The research house keep a target of Rs 1,650 per share.

According to firm, Pan-India check indicates swelling optimism about future growth and it expect a healthy H2FY19 led by solid festive season.

The company took 2-3% price hike in Oct'18, while another 4-5% hike likely in Dec'18 if crude remains elevated.

It feels that premium valuations are likely to sustain on robust and visible growth ahead.

At 14:26 hrs Asian Paints was quoting at Rs 1,215, down Rs 10.95, or 0.89 percent on the BSE.