Buy Asian Paints, target price Rs 3340: ICICI Securities

ICICI Securities has buy call on Asian Paints with a target price of Rs 3340. The current market price of Asian Paints Ltd. is Rs 3106.7.

Time period given by analyst is Intra Day when Asian Paints Ltd. price can reach defined target.

Asian Paints Ltd., incorporated in the year 1945, is a Large Cap company (having a market cap of Rs 298190.61 Crore) operating in Building Materials sector.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 5674.97 Crore, down -15.64 % from last quarter Total Income of Rs 6726.84 Crore and up 91.09 % from last year same quarter Total Income of Rs 2969.75 Crore. Company reported net profit after tax of Rs 576.82 Crore in latest quarter.

Investment Rationale
Regaining upward momentum after undergoing healthy consolidation and MACD is in buy mode.

Promoter/FII Holdings
Promoters held 52.8 per cent stake in the company as of March 31, 2021, while FIIs held 20.7 per cent, DIIs 7 per cent and public and others 19.5 per cent.