Kansai Nerolac shares hit 52-week high amid plans to sell Mumbai land parcel for Rs 726 crore

The sale is subject to completion of procedures and approvals as may be necessary in this regard

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Shares of Kansai Nerolac Paints saw a significant increase, rising by 9.2 percent and reaching a 52-week high of Rs 355 per share on December 27. The surge followed the company’s approval of a plan for the monetisation of idle land parcels that have not been utilised for productive purposes.

So far this year, the stock of the paint manufacturer has surged more than 11 percent as against 17 percent rise in the benchmark Sensex. Earlier, Kansai Nerolac shares hit 52-week high of Rs 354 per share on August 3, 2023.

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According to the exchange filing, the company approved proposal for entering into agreement for sale with Aethon Developers, subsidiary of Runwal Developers for sale of company’s land parcel at Lower Parel for Rs 726 crore.

“The company has entered into an agreement for sale with the purchaser. The sale is subject to completion of procedures and approvals as may be necessary in this regard,” the filing added.

Earlier, analysts at Prabhudas Lilladher shared an ‘accumulate’ rating for Kansai Nerolac, with a target price of Rs 370 per share.

ALSO READ: Accumulate Kansai Nerolac Paints; target of Rs 370: Prabhudas Lilladher

“Kansai Nerolac has been taking all the right steps, however valuations are 27.2x FY26 factoring in expected increase in competition and consequent threat to market share and profitability post Grasim’s entry. We believe improving sales traction and profitability in industrial paints would be a saving grace for Kansai Nerolac given parent’s strength in industrial paints,” the brokerage firm said.

Moreover, analysts estimate 28 percent profit-after-tax (PAT) compounded annual growth rate (CAGR) over FY23-26 and 13.3 percent CAGR over FY24-26.

That apart, the company intimated that the board of directors of Kansai Nerolac will meet on February 5, 2024 to consider unaudited standalone and consolidated financial results of October-December quarter (Q3FY24).

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