Asian Paints shares fell for the second day in a row as Brent crude oil prices rose to $90 per barrel. On September 15, Asian Paints shares opened at Rs 3,212, down 0.8% on the NSE.
Over the past two days, Asian Paints’ stock price has fallen by 2.5%. Rising oil prices have certainly had a negative impact on the paint industry, especially since many raw materials used in paints are petroleum-based. Rising input costs for key raw materials can impact overall manufacturing costs and, in turn, pressure paint manufacturers’ margins. As of noon, Asian Paints’ share price was trading at Rs 3,200, compared to the September 14 closing price of Rs 3,240. The trading volume at this time was 753,501 pieces. Asian Paints reported a 52% increase in consolidated net profit for the quarter ended June 2023 at Rs 1,574.84 crore from Rs 1,036.03 crore in June 2022.
Overall, Amit Shingle, Managing Director and CEO, Q1 FY24, believes it was a strong quarter for paint manufacturers. “It was a strong quarter in terms of the overall volume growth that we were able to achieve, which is also a consistent promise and something that we have pursued over the past 12 quarters,” he said. This was stated at the financial results conference.
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