Asian Paints share price slips 2% after Goldman Sachs maintains #39;sell#39;

The research firm has retained the “sell” rating with the target at Rs 1,633 per share and says Grasim and JSW Paints pose an increased competition risk.

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Asian Paints share price shed 2 percent intraday on January 25 after Goldman Sachs retained a “sell” rating on the stock with the target at Rs 1,633 per share.

The research house said Grasim is the second large entrant in the decorative paints market in three years after JSW Paints. New entrants such as Grasim and JSW could pose increased competition risk, CNBC-TV18 reported.

The research firm said the company’s valuation does not reflect the risks of increased competition.

The stock was trading at Rs 2,535.90, down Rs 60.85, or 2.34 percent at 0951 hours. It has touched an intraday high of Rs 2,626.40 and an intraday low of Rs 2,500.

The paint-maker registered a 62 percent year-on-year growth in consolidated profit at Rs 1,238.3 crore for the quarter ended December 2020, aided by strong volume growth amid festival season and operating performance. Profit in the corresponding period was at Rs 764.4 crore.

“Profitability across businesses has been well supported by good sales mix and some excellent work in cost optimisation and sourcing measures pursued strongly through innovation programs,” said Amit Syngle, Managing Director & CEO.