Religare Broking gives 'Buy' recommendation for Asian Paints stocks

New Delhi [India], May 12 : Religare Broking has given a 'Buy' recommendation to potential investors for Asian Paints stocks.

The brokerage pegged the stock target price at Rs 3,614 per cent, with return on investments of about 15 per cent.

Asian Paints shares are currently trading at Rs 3,166.

The buy call by the brokerage came a day after the paints company's earnings were released.

Asian Paints on Thursday posted a jump of 45.11 per cent in its net profit to Rs 1,268.41 crore for the quarter ended March 31, 2023, against Rs 874.05 crore in the year-ago period.

Revenue from sales went up 10.91 per cent to Rs 8,750.85 crore, against Rs 7,889.94 crore in the year-ago period. The revenue from operations rose 11.33 per cent to Rs 8,787.34 crore, against Rs 7,892.67 crore during the corresponding period in the previous year.

The company said the 'Home Decor' business has strong synergy with the group's core business and hence is an essential part of the Group's strategy.

"Considering the interlinked nature of products and services offered and the type of customers served, the resources are allocated across the Group interchangeably and business performance is reviewed as one segment," the company said in a statement shared with exchanges.

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