Kansai Nerolac approves sale of land in Kavesar for Rs 655 Crores; stock gains
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Sentiment for Kansai Nerolac has also improved in the recent times as an decline in Brent crude prices have eased input costs for the paint manufacturer.
Shares of Kansai Nerolac Paints surged over 4 percent in early trade on July 3 after the company approved the sale of land in Kavesar, Thane to Shoden Developers. The proposed sale of the land admeasuring 96,180 sqm is set to earn the company a total sum of Rs 655 crore.
After receiving the required approvals for the same, the company also approved the sale of additional land in Kavesar admeasuring 910 sqm, taking the total land up for sale to 97,090 sqm. The sale of the additional land will also raise the total consideration to Rs 671 crore.
At 9.27 am, shares of Kansai Nerolac Paints were trading 3.8 percent higher at Rs 467.80 on the National Stock Exchange.
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Meanwhile, a decline in Brent crude prices in recent times has also aided sentiment for paint manufacturers including Kansai Nerolac. As paint companies used crude-based derivatives as raw materials, a softening of oil prices ease their input costs and therefore lift margins. Aided by the same, shares of Kansai Nerolac also rose over 6 per cent in the past month.
The paint manufacturer also approved a one-for-two bonus issue of equity shares earlier in May, the record date for which is due on July 5.
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