Seven paint companies saw their shares surge by 0.70% to 11% following reports of price increases by industry leaders Asian Paints and Berger Paints. The companies that experienced a surge in their stock prices include Indigo Paints (up 11%), Sirca Paints India (up 5.62%), Kansai Nerolac Paints (up 3.40%), Asian Paints (up 3.27%), Berger Paints India (up 2.53%), Shalimar Paints (up 1.24%), and Akzo Nobel India (up 0.70%).
Asian Paints, the largest paint manufacturer in India, raised prices by 0.7-1% across its product range. Berger Paints, another key player in the industry, is also implementing a similar price increase of 0.7-1%, set to take effect on July 22, 2024.
The price hikes by these industry leaders could indicate a potential trend in the paint sector, leading to a positive reaction from investors as reflected in the surge in paint company stocks.
This update is brought to you by Capital Market – Live News. Please note that no Business Standard Journalist was involved in the creation of this content. The article was first published on July 10, 2024, at 3:31 PM IST, and was last updated on the same day at 3:50 PM IST.