Berger Paints sheds 7.5% as it turns ex-bonus, volumes drop 60%

As of September 25 intraday trade, volumes of this paint and coating manufacturer slipped over two-fold to 29 lakh shares as against 75 lakh shares exchanged at both the exchanges September 22

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Shares of Berger Paints India fell 7.5 percent to Rs 617 per share on the BSE on September 25 on low volumes, giving up the previous day’s surge. The S&P BSE Sensex was down 236 points or 0.3 percent to 65,773 levels, as of 11:30am.

The paints and coating giant saw its volume decline by as much as 60 percent to 29 lakh shares from 75 lakhs traded at the exchanges on September 22.

The Berger Paints stock had scaled its 52-week high of Rs 679 per share on September 22.

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Earlier, the company had fixed September 23 as the record date to ascertain eligibility of shareholders entitled for issue of bonus equity shares in the ratio 1:5, that is, one equity share of Re 1 each for every five equity shares.

Typically, companies issue bonus shares to encourage more retail investor participation or provide an alternative to issuing dividend payment for rewarding investors.

Berger Paints stock call: Technical, Fundamental rating, target price

Rajesh Palviya, head of technical research at Axis Securities, suggested investors to maintain a ‘hold’ on the counter. “Looking at this breakout, if the stock holds above the Rs 650 level, we expect further upside in the near-term. Given the sectoral rotation, we eye Berger Paints to scale up to Rs 700-720 levels on a positional basis,” he said.

Analysts at ICICI Direct have a ‘reduce’ rating for the paint stock. “The increase in competitive pressure after Grasim’s entry into paints is likely to keep valuation multiples of incumbents in check. We model Berger to report revenue and profit-after-tax (PAT) at a compounded annual growth rate (CAGR) of 12.1 percent and 22.2 percent over FY23-25,” the brokerage firm said.

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