Asian Paints rose 0.85% to Rs 1694 at 10:20 IST on BSE, after the company said one of the promoter group companies revoked a small portion of shares it had pledged earlier.
The company made this announcement after market hours on Thursday, 5 November 2009.
Meanwhile, the BSE Sensex was up 165.41 points, or 1.03%, to 16,229.31.
On BSE, 405 shares were traded in the counter as against an average daily volume of 18,516 shares in the past one quarter.
The stock hit a high of Rs 1720 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1685 so far during the day. The stock had hit a 52-week low of Rs 680.90 on 13 March 2009.
The large-cap stock had outperformed the market over the past one month till 5 November 2009, rising 19.56% as compared to the Sensex's 4.76% fall. It had also outperformed the market in the past one quarter, gaining 17.70% as compared to the Sensex's return of 1.01%.
The company's equity capital is Rs 95.92 crore. Face value per share is Rs 10.
The current price of Rs 1694 discounts the company's Q2 September 2009 annualized EPS of Rs 106.06, by a PE multiple of 15.94.
Geetanjali Trading & Investments, a promoter group, company has revoked 4.75 lakh shares representing 0.50% of the equity capital of the company out of more than one crore shares representing 10.50% of the equity capital of the company it had pledged earlier.
Promoters have pledged more than 1.08 crore shares representing 11.29% of the equity capital of the company. Total promoter shareholding in the company is 49.95% (as on 30 September 2009).
Asian Paints' net profit jumped 109% to Rs 254.32 crore on 18.6% rise in net sales to Rs 1386.46 crore in Q2 September 2009 over Q2 September 2008. The company declared its results on 22 October 2009.
During the quarter ended September 2009, the company earned Rs 62.71 crore on sale of long-term investment.
At the time of announcing results, the board of directors approved payment of interim dividend at rate of Rs 8.50 per share (85%).
The company manufactures and markets paints. The group also manufactures phthalic anhydride and pentaerythritol. The group operates in Australia, Fiji, Solomon Islands, Tonga, Vanuatu, Myanmar, China, Thailand, Malaysia, Singapore, Bangladesh, Nepal, Srilanka, Bahrain, the UAE, Oman, Barbados, Jamaica, Trinidad, Tobago, Egypt, Mauritius and Malta.