stock market today: Asian Paints share price has been under selling pressure since morning trade even as the paints major reported positive third quarter results on Thursday. According to stock market watchers, the major chemical company has reported positive results but these results are below the expectations of Dalal Street. Experts said the market was expecting better quarterly results from Asian Paints as raw material prices, including crude oil, declined during the latest quarter.
Stock market experts say that the stock may fall further 2,700 each level. However, this would be a good buying area for bottom finishers as the recent depreciation in crude oil prices and other raw materials may get reflected in the coming quarters. so, those Who? It is recommended to include this stock in your portfolio 2,700 while new buyers can add Asian Paints shares to their portfolio for short to medium term targets from 3,000 3,200 each level.
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Saurabh Jain, Vice President – Research at Asian Paints, speaking on the reasons for today’s decline in share price SMC Global Securities Said, “Asian Paints has reported flat Q3 numbers as the market was expecting better quarterly numbers from the paint major following softening in raw material prices, especially crude oil price. However, the company reported positive but flat Q3FY23 Managed to report results which failed. To impress the bulls of Dalal Street.”
Expecting a rally in Asian Paints shares, Ravi Singhal, CEO, GCL Broking said, “Soft raw material prices are expected to continue for a few more months and hence may reflect in the company’s next quarter numbers. So, we expect a boom.” in Asian Paints shares around 2700 each level and give tips Asian Paints shareholders to accumulate more of this paint stock 2,700 is a good buying area. Those having short to medium term time horizon can also add Asian Paints shares in their portfolio Stop loss is maintained at 2,700 level 2,620 per share level.”
In Q3FY23 results, Asian Paints reported 1,097 crore consolidated net profit, which is almost 6 per cent higher than its Q3FY22 consolidated net profit 1,031 crores. The third quarter results reported by the Indian paint major on Thursday were below market estimates as muted or sluggish demand dragged down Asian Paints’ profits following depreciation in raw material prices, including crude oil prices. Was
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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