Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Shares of Berger Paints surged 6% to hit a 52-week high of Rs 665 per share in intra-day trade on September 22 after the stock turned ex-bonus. The company had fixed September 23 as the record date to ascertain the eligibility of shareholders for the issue of bonus equity shares in the ratio 1:5.
In the April-June quarter of the financial year 2023-24, the company posted a net profit of Rs 326.3 crore, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year.
The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
Analysts at HDFC Securities maintained an ‘add’ rating on the counter, with a target price of Rs 700 apiece.
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