Shares of Asian Paints today jumped 3% despite the Q4 results missing Street estimates. Brokerages see the stock declining and maintain a ‘sell’ view. CLSA, Investec, Motilal Oswal, Kotak Institutional Equities, Nuvama, and Axis Securities have provided their opinions on the stock. Asian Paints launched Neo Bharat Latex paint to penetrate the unorganized segment. The overall industry may see a shift in market share and cost structures due to the entry of new players.
Ambuja Cements has reported a standalone net profit of Rs 532 crore for the quarter ended March 2024, which is higher by 6% year-on-year. Revenue from operations during the fourth quarter increased 12% YoY to Rs 4,780 crore.
Shares of SBI Cards and Payment Services dropped 4% to the day’s low of Rs 718 on Monday after the company released its Q4 results on Friday, reporting an 11% YoY rise in profit after tax to Rs 662 crore for the quarter ended March 2024. Total revenue rose 14% YoY to Rs 4,475 crore in the fourth quarter of 2023-24.
Shares of Macrotech Developers fell 5% after reporting Q4 results on Wednesday. The profit rose 21% YoY to Rs 670 crore for the quarter, while revenue from operations grew 23% YoY to Rs 4,020 crore. The real estate developer also recorded its best-ever quarterly and annual pre-sales performance.
