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Berger Paints At 52-week High After Trading Ex-Bonus

Berger Paints hit a 52-week high of Rs 665 after trading ex-bonus on Friday

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In intraday trade on 22 September 2023, after the stock had turned ex-bonus, shares of Berger Paints rose 6 per cent to a 52-week high of Rs 665.

The stock Berger Paint has increased by 12 per cent over the past month, while the benchmark Sensex index has only increased by one per cent.

Earlier this month, the company declared 22 September 2023 as the record date for shareholder eligibility for the issuing of bonus equity shares in the ratio of 1:5, i.e., one equity share of Rs 1 for every five equity shares of Rs 1.

In the April-June quarter of fiscal year 2023-24, the firm reported a net profit of Rs 326.3 crore, 39 per cent year-on-year (YoY) growth from Rs 234.4 crore the previous year.

The income from operations of Berger Paints increased by 10 per cent YoY to Rs 2,739.7 crore in the first quarter of FY24, compared to Rs 2,488.6 crore in the first quarter of FY23.

Total costs rose 6 per cent YoY to Rs 2,312.4 crore. Net debt, on the other hand, was reduced to Rs 243 crore in the first of FY24 from Rs 610 crore in fourth quarter of FY23.

Going forward, Berger Paints says it aims to be net cash positive by the end of current fiscal year.

Recently, Grasim also declared its entry into the Paints Industry.