Buy Asian Paints, target price Rs 2900: Shrikant Chouhan

Shrikant Chouhan of Kotak Securities has buy call on Asian Paints with a target price of Rs 2900. The current market price of Asian Paints is Rs 2796.55. Shrikant Chouhan recommended to keep stop loss at Rs 2770.
Asian Paints, incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 269620.91 Crore) operating in Building Materials sector.

Asian Paints key Products/Revenue Segments include Paints, Enamels, Varnishes & Black, Other Operating Revenue and Sale of services for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 8723.30 Crore, up 1.99 % from last quarter Total Income of Rs 8553.04 Crore and up 1.44 % from last year same quarter Total Income of Rs 8599.05 Crore. Company has reported net profit after tax of Rs 1061.41 Crore in latest quarter.

The company’s top management includes Mr.Deepak Satwalekar, Mrs.Vibha Paul Rishi, Mr.R Seshasayee, Mrs.Pallavi Shroff, Mr.Suresh Narayanan, Ms.Nehal Vakil, Mr.Jigish Choksi, Ms.Amrita Vakil, Mr.Malav Dani, Mr.Ashwin Dani, Mr.Amit Syngle, Mr.Manish Choksi, Mr.Milind Sarwate. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-12-2022, the company has a total of 96 Crore shares outstanding.

Investment Rationale
Rounding bottom chart on daily charts suggests the counter is gaining traction for a fresh-up move.

Promoter/FII Holdings
Promoters held 52.63 per cent stake in the company as of 31-Dec-2022, while FIIs owned 18.11 per cent, DIIs 9.07 per cent.