Sell Asian Paints, target price Rs 1,500: Suruchi Kapoor

Suruchi Kapoor of Edelweiss Financial Services has a sell call on Asian Paints Ltd. with a target price of Rs 1500.0 . The current price of Asian Paints Ltd. is Rs 1618.55 Time period given by the analyst is Intra Day when Asian Paints Ltd. price can reach defined target. . Suruchi Kapoor recommended to keep a stoploss at Rs 1690 .

Asian Paints Ltd., incorporated in 1945, has a market cap of Rs 155250.96 crore.

Investment Rationale


The stock gave rising wedge pattern breakdown with volume, which was the largest after March, 2020.


Financials


For the quarter ended December 31, 2019, the company reported consolidated sales of Rs 5420.28 crore, up 7.32 per cent from last quarter sales of Rs 5050.66 crore and up 2.39 per cent from last year same quarter sales of Rs 5293.99 crore. The company reported net profit after tax of Rs 760.50 crore in the latest quarter.

Promoter/FII Holdings

Promoters held 52.79 per cent stake in the company as of March 31, 2020, while FIIs held 17.21 per cent, DIIs 13.52 9.96 per cent and public and others 20.04 per cent.