Indigo Paints shares plunge 6% after Rs 283-crore block deal

Brokerages have retained their rating on Indigo Paints after its Q2 show

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Shares of Indigo Paints fell 6 percent on November 9 in early trade after 21 lakh shares, representing 4.4 percent equity, changed hands at Rs 1,384 per unit, reported CNBC-TV18.

The trade was worth Rs 283 crore. At 9:30 am, Indigo Paints was quoting at Rs 1,412 on the National Stock Exchange, down by 5.4 percent, after opening at Rs 1,352.15. The stock’s 52-week low is Rs 1,331.

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On November 8, sources had told CNBC-TV18 that venture capital firm Sequoia will sell off 3.3 percent equity stake worth Rs 235 crore, with a floor price set at Rs 1,315 per share.

As of September 30, 2022, Sequoia Capital held a total of 13.73 percent stake in IndiGo Paints, as per the shareholding pattern shared with the BSE.

For Q2FY23, IndiGo Paints posted strong results, with the company’s net profit climbing by 174 percent on-year to Rs 37.1 crore. Revenue from operations during the quarter came in at Rs 242.6 crore, which was 23.7 percent higher as compared to the year-ago period.

Brokerages have retained their rating on Indigo Paints after its Q2 show. Nuvama Research has a ‘buy’ rating on the stock with a target price of Rs 2,200 apiece. “We remain positive on Indigo’s ability to improve its presence across markets. We expect good recovery in Q3 margins, and even a better uptick in Q4,” its analysts noted.

Domestic brokerage Motilal Oswal Financial Services also has a ‘buy’ rating on the stock with target at Rs 1,720. “Good sales momentum at a time when its peers are slowing down, and a sharp likely improvement in incremental margin means that our FY24 EPS forecast has not seen any major cut,” it noted.

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