Kansai Nerolac Paints surges on getting nod to sell land in Thane to Shoden Developers

Kansai Nerolac Paints is currently trading at Rs. 416.80, up by 8.15 points or 1.99% from its previous closing of Rs. 408.65 on the BSE.

kansai nerolac paints shines on starting commercial production at manufacturing unit in punjab
Kansai Nerolac Paints

The scrip opened at Rs. 420.00 and has touched a high and low of Rs. 422.25 and Rs. 406.65 respectively. So far 4865 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 576.80 on 31-Jan-2022 and a 52 week low of Rs. 358.05 on 22-Jun-2022.

Last one week high and low of the scrip stood at Rs. 422.25 and Rs. 401.85 respectively. The current market cap of the company is Rs. 22066.07 crore.

The promoters holding in the company stood at 74.99%, while Institutions and Non-Institutions held 16.66% and 8.35% respectively.

Kansai Nerolac Paints has received approval from board of directors for sale of the company’s land at Kavesar, Thane to Shoden Developers, a group company of House of Hiranandani group (hereinafter referred as the ‘Purchaser’) for total consideration of Rs 655 crore for an area admeasuring 96,180 sq. mts.

The company has entered into an agreement to sell with the Purchaser.

The sale is subject to completion of procedures and approvals as may be necessary in this regard.

Kansai Nerolac Paints is amongst the leading paint companies in India. The company offers a range of products, including decorative, automotive coatings and performance coatings.

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