DOCSLIB.ORG

Berger Paints Ltd (Berger)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Berger Paints Ltd (Berger) NOVEMBER 8, 2019 Result Update BERGER PAINTS LTD (BERGER) Stock Details PRICE RS.507 TARGET RS.400 SELL Market cap (Rs mn) : 492071 52-wk Hi/Lo (Rs) : 534 / 284 Valuations ahead of performance Face Value (Rs) : 1 3M Avg. daily vol (Nos) : 1,937,778 1/Strong volume growth in the decorative segment; 2/ stable volumes in the Shares o/s (mn) : 971 industrial segment; 3/ decrease in realizations leading to weak sales Source: Bloomberg dated 7 Nov 2019 growth; 4/YoY improvement in operating margins with benign raw material Financial Summary situation and 5/ strong earnings growth due to lower ETR, were the Y/E Mar (Rs mn) FY19 FY20E FY21E highlights of the results for Berger in Q2FY20. However, the valuations at Revenue 60,618 68,643 76,764 the current price and factoring growth prospects looks stretched. Maintain Growth (%) 17.3 13.2 11.8 SELL with an unchanged TP of Rs 400 at 50x FY21E earnings in line with EBITDA 8,818 10,152 11,525 valuation of larger peers. EBITDA margin (%) 14.5 14.8 15.0 PAT 5,011 6,778 7,807 Key Highlights EPS 5.2 7.0 8.0 EPS Growth (%) 7.7 35.3 15.2 Sales (excluding GST) was reported at Rs 15.99 bn (-6.9% YoY). The BV (Rs/share) 25.8 30.7 36.5 company's decorative sales was impacted due to factors like extended Dividend/share (Rs) 1.8 2.0 2.1 monsoon and floods in many key states ROE (%) 21.4 24.7 23.9 ROCE (%) 29.3 30.0 29.5 Favourable raw material prices and some weakness in the industrial P/E (x) 98.4 72.7 63.1 segment (especially Auto) influenced the Gross margin and EBIDTA margin EV/EBITDA (x) 52.3 45.7 40.5 for the quarter. EBIDTA margin was reported at 15.7% (+220 bps YoY and - P/BV (x) 19.7 16.6 13.9 210 bps QoQ) Source: Company, Kotak Securities - PCG Berger has exercised the option of lower tax rate of 25.2% (inclusive of Shareholding Pattern (%) surcharge and cess) post amendment to Taxation Laws. The full impact of (%) Sep-19 Jun-19 Mar-19 this change has been recognised in tax expense for Q2FY20 and H1FY20. Promoters 75.0 75.0 75.0 FII 6.0 5.1 5.2 Consequently, PAT was reported at Rs 1.94 bn ahead of our expectation of DII 7.4 9.2 9.3 Rs 1.74 bn. YoY PAT figures are not comparable Others 11.6 10.7 10.6 We interpret the numbers as moderate and in line with expectation Source: Bloomberg dated 7 Nov 2019 Price Performance (%) Quarterly Performance (%) 1M 3M 6M Rs mn Q2FY19 Q1FY20 Q2FY20 QoQ (%) YoY (%) Berger Paints 16.4 45.1 66.3 Net Sales 14900 17165 15986 -6.9 7.3 Nifty 8.0 10.7 4.5 Raw material consumed 9128 10154 9426 -7.2 3.3 Source: Bloomberg dated 7 Nov 2019 Employee cost 1,048 1,116 1,125 0.8 7.3 Price chart (Rs) Other expenditure 2,656 2,843 2,924 2.8 10.1 Total expenditure 12,832 14,113 13,475 -4.5 5.0 550 EBIDTA 2,068 3,052 2,511 -17.7 21.4 450 EBIDTA margin 13.9 17.8 15.7 Depreciation 336 462 472 2.2 40.5 350 EBIT 1,732 2,590 2,039 -21.3 17.7 250 Interest 79 99 104 5.1 31.6 Nov-18 Mar-19 Jul-19 Nov-19 Other income 120 219 157 -28.3 30.8 Source: Bloomberg dated 7 Nov 2019 PBT 1,773 2,710 2,092 -22.8 18.0 Taxes 597 944 129 -86.3 -78.4 ETR % 33.7 34.8 6.2 Share of Associates/JVs -4 -3 -17 Reported PAT 1,172 1,763 1,946 10.4 66.0 Source: Company Amit Agarwal, CFA [email protected] +91 22 6218 6439 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation 17 NOVEMBER 8, 2019 Valuation and Outlook We estimate that branded paint demand will remain robust in a country like India where per capita consumption is very low and 30% paint market is still unorganised. Management of Berger also indicated that the volume trends remain strong for the company and expect the trend to continue in medium term. Berger’s performance has been better than peers and is indicative of continued market share gains. For Berger, now we estimate 10% volume CAGR over FY19- FY21E with improvement in operating margins and ROE of ~23.9% and ROCE of ~29.5% for FY20E. The stock has moved up by more than 40% in the last 6 months and is trading at an exorbitant valuation of 63x FY21E earnings. Consequently, we continue to recommend SELL with a TP of Rs 400 at 50x FY21E earnings in line with valuation accorded to market leader Asian Paints. Sales was driven by all the segments Management indicated the sales performance of Q2FY19 could be attributed to: Decorative segment - The Company reported low double digit volume growth in the decorative segment for Q2FY20. The decorative business constitutes around 80% of Berger’s overall business and typically grows at 1.5x the GDP of the country. During Q2FY20, decorative sales was impacted due to factors like extended monsoon and floods in many key states. Berger is expecting healthy volume growth in the decorative segment on the back of low per-capita consumption in the country, strong urbanization trends, shortening re-painting cycles, up-trading and real estate reforms. Industrial paints segment – In Industrial paints, Berger is primarily present in Automotive coating and Industrial coating. Automotive paints constitute around 10% of the overall revenues of the company. Berger is empaneled with all major automobile companies in the 2 wheeler and 3 wheeler segment. While general industrial coating constitute around 8% of the overall revenues of the company. Management expects general industrial segment to do well in H2FY20 which should boost the overall performance of the company. Main customers for Berger in Industrial segment General Industrial Automotive Construction, Heavy Engineering & Commercial Vehicles: Agricultural Equipment Tata Motors, Ashok Leyland, Mahindra & Mahindra Electrical Industry: Crompton, Orient, Marathon Electric, Havells, Bajaj Two Wheelers: Hero MotoCorp, Royal Enfield, TVS Motor Co, Bajaj Auto Furniture & Office Equipment Industry Cycle Industry Barrel & Container Industry Source: Company Berger makes a small acquisition in Industrial segment Berger Paints India Ltd will acquire 95.53% of STP Ltd (STPL), for a cash consideration of Rs 1.67 bn. We expect Berger to use internal accruals for the acquisition. STPL is engaged in the manufacture and supply of construction chemicals, concrete admixtures, waterproofing chemicals, flooring compounds, bitumen and coal tar-based products, sealants and adhesives, protective and anti-corrosive coatings. STP Ltd is not listed and had a revenue of Rs 1.74 bn in FY19 implying a deal value of one time price to sales. Deal value of one time Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation 18 NOVEMBER 8, 2019 P/Sales is attractive. We do not have any other financial details of STPL limited. We estimate the acquisition to strengthen the industrial coating segment for Berger which currently constitute 20% of the total revenues. Berger expects to complete the deal by end of November 2019. We factor revenue of Rs 700 mn in FY20 and Rs 2000 mn from the acquisition. Past Inorganic Growth through Acquisitions ICI Motors JV 50% Automotive and industrial paints Bolix Subsidiary 100% Industrial Saboo Coatings Subsidiary 100% Industrial Sherwin Williams Subsidiary 100% Decorative Source: Company Performance of Subsidiaries during Q2FY20 Berger Paints has a total of 10 subsidiaries contributing about 10% of the overall revenues for Berger – 2 are incorporated in India and 8 internationally. Of these 10 subsidiaries the top 3 in terms of revenue are; Berger Jenson and Nicholson, Nepal (~2% of overall revenues) Bollix, Poland (~4% of overall revenues) BJN paints, India (~2% of overall revenues) Operational performance of subsidiaries was moderate in Q2FY20. However, weak automotive demand has impacted the joint venture with Japan’s Nippon Paint Automotive Coatings. Berger has booked a loss of Rs 17 mn from associates/subsidiaries. Raw Material situation is benign, margins set to improve over FY19 to FY21E Paint Industry uses two key raw material including crude derivatives and Titanium Dioxide. The Paint Industry has been experiencing decline in prices of raw material since the last 2 quarters. Almost ~60% of the raw material are crude derivatives and with crude at $62/barrel (-30% in the last 4 months), prices of crude derivatives have also decreased. Even prices of pigments like Titanium Dioxide, Iron oxide and Zinc oxide have decreased. Benign raw material situation, healthy volume growth in the decorative segment, favourable demographics and GST regime is positive for paint companies. Prices of brent crude (USD/barrel) Prices of Titanium dioxide (USD/MT) 90 200 80 70 175 60 150 50 40 125 30 20 100 Jul-19 Jul-16 Jul-17 Jul-18 Jan-16 Jan-17 Jan-18 Jan-19 Oct-19 Oct-16 Oct-17 Oct-18 Apr-16 Apr-17 Apr-18 Apr-19 Jul-16 Jul-17 Jul-18 Jul-19 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Jan-17 Jan-18 Jan-19 Jan-16 Source: Bloomberg dated 7 Nov 2019 Source: Bloomberg dated 7 Nov 2019 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation 19 NOVEMBER 8, 2019 Paint Industry remains resilient.
Load more

Recommended publications
  • Products Price List Retail Single Page 2018 July
    Maximum Retail Price List DECORATIVE PRODUCTS EFFECTIVE FROM 27/07/2018 In the 18th century, a young colour chemist Lewis Berger, was manufacturing Prussian blue using a secret process that every designer and householder coveted. Apart from his marvellous shades, he offered people a chance to transform their homes through the power of imagination. Today the Lewis Berger name is synonymous with colour worldwide. And his example continues to inspire Berger Paints to create and innovate. Reflecting the unending quest for quality that informs everything the company does. Colour is a form of self-expression. And at Berger we believe in taking paint to the level of fine art. Enriched by the imagination of Lewis Berger. Decorative Paints Berger Paints’ products are more than just paint on the wall; they are a source of inspiration, a genesis of imagination and one of the finest ways of beautifying your home. Our own history of decorative paints goes back to 1760, and ever since then we have been developing high quality products to colour, protect and adorn the inside and outside of all kinds of buildings. Whether you are painting your walls, furniture, kitchen cabinets or accessories, our extensive range of decorative paint products will guarantee not only to meet, but exceed your expectations. 1 Decorative Paints All India Retail Price List Effective from 27/07/2018 Enamels - for wall, wood and metal surfaces Luxol XTRA Colours Code Product 20 Ltr 10 Ltr 4 Ltr 1 Ltr 500 ml SX9 Black 4,725 2,430 1,004 261 138.5 Mahogany 5,335 2,740 1,129 292 152 Luxol Hi-Gloss Enamel - Forms a tough film with a mirror-like gloss.
    [Show full text]
  • Equity Savings Fund an Open-Ended Scheme Investing in Equity, Arbitrage and Debt
    Mutual Fund FUNDS INSIGHT October, 2020 Invest in Equity Savings Fund An open-ended scheme investing in equity, arbitrage and debt Website Principal Large Cap Fund (An open ended equity scheme predominantly investing in large cap stocks) This Product Is Suitable For Investors Who Are Seeking~- • Long term Capital Growth • Investment predominantly in equity and equity-related securities of large cap companies. Investors understand that their principal will be at moderately high risk Mutual Fund Investments are subject to market risk, read all scheme related documents carefully. 1 Principal Nifty 100 Equal Weight Fund (An open ended scheme replicating/ tracking Nifty 100 Equal Weight Index) Investment Objective: To invest principally in securities that comprise Nifty 100 Equal Weight Index and subject to tracking errors endeavour to attain results commensurate with the Nifty 100 Equal Weight Index. Data As on September 30, 2020 Fund Details Portfolio Minimum Investment Amount (`) Name % of NAV Name % of NAV Lumpsum Special Products Consumer Non Durables 14.09 Mahindra & Mahindra Ltd. 0.99 New Investor- ` 5,000 SIP- ` 500£ Colgate Palmolive (India) Ltd. 1.06 Bajaj Auto Ltd. 0.94 Existing Investor- ` 1,000 STP- ` 1,000 Dabur India Ltd. 1.06 Tata Motors Ltd. 0.93 RWP- ` 500 Godrej Consumer Products Ltd. 1.04 Cement 5.21 Britannia Industries Ltd. 1.03 Shree Cement Ltd. 1.06 £ 12 installments each Berger Paints India Ltd. 1.03 Ambuja Cements Ltd. 1.06 Procter & Gamble Hygiene 1.02 Ultratech Cement Ltd. 1.05 Asset Under Managment (` Cr) and Health Care Ltd. Grasim Industries Ltd. 1.03 MAAUM: 17.15 Asian Paints Ltd.
    [Show full text]
  • Berger Paints India (BERPAI)
    Berger Paints India (BERPAI) CMP: | 519 Target: | 595 (15%) Target Period: 15 months BUY April 27, 2020 Colourful growth story… Berger Paint (BPIL) is the second largest decorative paint player in India with an organised market share of ~17%. The company has kept its market share intact despite aggressive expansion by the leader and other MNC paint players in domestic market. In the last five years, BPIL has invested heavily Stock Data in capex, brand building (average 5% of sales in the last five years) and Particular Amount product innovation with a strong balance sheet position. All these resulted Market Capitalization (| Crore) 50,205.9 in a sharp expansion in EBITDA margin by ~300 bps in the past five years Total Debt (FY19) (| Crore) 499.9 and generated average RoE, RoCE of ~22%, 32%, respectively. We believe Cash and Inv (FY19) (| Crore) 489.3 the current lockdown situation due to the Covid-19 pandemic would restrict EV (| Crore) 50,216.5 52 week H/L (|) 597/292 FY21 volume growth. A strong demand recovery is expected to be Coverage Initiating Equity capital (| Crore) 97.1 witnessed from FY22E onwards supported by a surge in repainting demand. Face value (|) 1.0 We also believe with a strong supply chain and distribution network in place BPIL is set to benefit from a spike in demand once the situation normalises Price Chart post lockdown. We initiate coverage on Berger Paints with a BUY rating in 700 14000 view of: 1) long term growth drivers remaining intact, 2) expansion in gross 600 12000 margin and 3) market share gain from smaller, unorganised companies.
    [Show full text]
  • Factsheet As on June 30, 2021
    Fund Factsheet - June 2021 OUR PRODUCT SUITE EQUITY HYBRID DEBT PASSIVE OFFSHORE FUNDS FUNDS FUNDS FUNDS FUNDS EDELWEISS EDELWEISS EDELWEISS EDELWEISS ETF - EDELWEISS LARGE CAP FUND ARBITRAGE FUND OVERNIGHT FUND BHARAT BOND ETF APRIL 2023 GREATER CHINA Asset Allocation Duration Range 1 day EQUITY Marketcap Net Equity Debt Arbitrage OFF-SHORE No 0-35% 65-100% FUND Large Mid Small Open Equity EDELWEISS EDELWEISS EDELWEISS EDELWEISS ETF - LARGE & MID CAP FUND EQUITY SAVINGS FUND LIQUID FUND BHARAT BOND ETF EDELWEISS APRIL 2025 US TECHNOLOGY Duration Range 0-3 months Marketcap Asset Allocation EQUITY Net Equity Debt Arbitrage FUND OF FUND Large Mid Small 10-40% 0-35% 25-55% EDELWEISS EDELWEISS EDELWEISS EDELWEISS BALANCED ADVANTAGE EDELWEISS FLEXI-CAP FUND MONEY MARKET FUND EMERGING FUND NIFTY PSU Bond Plus MARKETS Duration Range 0-12 months SDL Index Fund 2026 Marketcap Asset Allocation OPPORTUNITIES Net Equity Debt Arbitrage OFF-SHOREOFF-SORE Large Mid Small 30-100% 0-35% 0-50% FUND EDELWEISS EDELWEISS EDELWEISS EDELWEISS ETF - MIDCAP FUND AGGRESSIVE HYBRID BANKING & PSU DEBT EDELWEISS BHARAT BOND ETF FUND FUND ASEAN EQUITY APRIL 2030 Marketcap Asset Allocation Duration Range 1-10 yrs OFF-SHORE Net Equity Debt FUND Large Mid Small 65-80% 20-35% EDELWEISS EDELWEISS EDELWEISS ETF - EDELWEISS SMALL CAP FUND GOVERNMENT BHARAT BOND ETF EUROPE SECURITIES FUND APRIL 2031 DYNAMIC EQUITY Marketcap Duration Range 1-10 yrs OFF-SHORE FUND Large Mid Small EDELWEISS EDELWEISS RECENTLYFLEXI-CAP LISTED FUND EDELWEISS US VALUE IPO FUND ETF - NIFTY 50 EDELWEISS EQUITY Marketcap ETF - NIFTY 50 OFF-SHORE FUND Large Mid Small EDELWEISS ETF - NIFTY BANK EDELWEISS ETF - NIFTY BANK EDELWEISS EDELWEISSNIFTY 100 QUALITYNIFTY 100 30 QUALITY 30 EDELWEISS MSCI India Domestic & World Healthcare 45 Index Fund Macaulay duration range & credit profile is indicative.
    [Show full text]
  • December 31, 2020 | Matthewsasia.Com
    Matthews Asia Funds | Annual Report December 31, 2020 | matthewsasia.com GLOBAL EMERGING MARKETS STRATEGY Matthews Emerging Markets Equity Fund ASIA FIXED INCOME STRATEGIES Matthews Asia Total Return Bond Fund Matthews Asia Credit Opportunities Fund ASIA GROWTH AND INCOME STRATEGIES Matthews Asian Growth and Income Fund Matthews Asia Dividend Fund '20 Matthews China Dividend Fund ASIA GROWTH STRATEGIES Matthews Asia Growth Fund Matthews Pacific Tiger Fund Matthews Asia ESG Fund Matthews Emerging Asia Fund Matthews Asia Innovators Fund Matthews China Fund Matthews India Fund Matthews Japan Fund Matthews Korea Fund ASIA SMALL COMPANY STRATEGIES Matthews Asia Small Companies Fund Matthews China Small Companies Fund As of January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports are no longer being sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website matthewsasia.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive paper copies of shareholder reports and other communications from the Funds anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 800.789.ASIA (2742). You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports.
    [Show full text]
  • Havells India (HAVIND)
    Havells India (HAVIND) CMP: | 1031 Target: | 1215 (18%) Target Period: 12 months BUY May 22, 2021 Strong recovery across product segments... Havells continued its growth momentum in Q4FY21 with topline growth of 50% YoY in line with our estimate of 48%. The company witnessed strong Particulars revenue growth in all business verticals cables, switchgears, electrical Particular Amount consumer durable (ECD), Lloyd, lightings and others by 51%, 53%, 71%, Market Capitalization (| Cr) 64,324.1 29%, 40% and 71%, respectively. The management reiterated market share Total Debt (FY21) (| Cr) 393.7 gains, strong demand traction in rural helped drive sales recovery for Havells Cash and Inv (FY21) (| Cr) 1,931.0 India in Q4 and in FY21. The company reported ~11% topline growth in EV (| Cr) 62,786.7 FY21 despite a washout in Q1. The key takeaways from conference call are: 52 week H/L 1238 / 454 Equity capital (| Cr) 62.6 Update Result 1) strong sales traction in first two weeks of April 2021 before lockdown Face value (|) 1.0 sseSFsfsf imposed in many states, 2) May sales hit by lockdown across the country, 3) price hikes of 10% in fans and 45-50% in cable business to offset Price Performance sseSFsfsf inflationary pressure, 4) focus on capacity building of Lloyd (future launches in refrigerators and washing machines categories), 5) focus on tapping rural 1400 20000 1200 and semi urban markets for the long term. However, considering lockdowns 1000 15000 and higher input prices, we revise our FY22E revenue, PAT estimate 800 10000 downward by ~7%, 6%, respectively. 600 400 5000 200 Strong b/s helps navigate challenging scenario 0 0 Havells India reported revenue, PAT CAGR of ~13%, ~15%, respectively, in Oct-18 Apr-21 Jan-20 Jun-20 Dec-17 Nov-20 Aug-19 Mar-19 the last 10 years with EBITDA margin expansion of 200 bps YoY to 15%.
    [Show full text]
  • Appx B of PS..Xlsx
    CA NO : CESZ/BIN/09 OF 2017-18 SERIAL PAGE NO.135 APPENDIX - 'B' (Contd/…..) LIST OF PRODUCTS TO BE INCORPORATED IN WORKS Srl Group of products based on makes / Brands Product No. Group 1 1 2 3 1 PAINT / DISTEMPER / POLISH / VARNISHES (A) Acrylic Washable (i) Jotun India Pvt Ltd. Distemper (ii) Nerolac (iii) British Paint (iv) Jotun India Pvt Ltd (v) Velvet Acrylic Distemper (Crimson Paints Pvt Ltd) (B) Plastic Emulsion Paint (i) Jotun India Pvt Ltd (ii) Silk (Berger) (iii) Dulux Velvet Touch (ICI) (iv) Shalimar Paints (v) Asian Paints Ltd (vi) Nerolac Paints Ltd (C) Synthetic Enamel / Acrylic (i) Jotun India Pvt Ltd. Paint (ii) Apcolite (Asian) (iii) Luxol (Berger) (iv) Jenson & Nicholson Paints Ltd. (Borolac) (v) Shalimar Paints Ltd (Superlac) (D) Cement Base Paint (i) Jotun India Pvt Ltd. (ii) Snowcem Plus (iii) Berger Paints (iv) Asian Paints (Gutucam) (v) Crimocem Super Cerment paints (D) Exterior Acrylic Emulsion (i) Royal Acrylic (Crimson Paints Pvt Weather Coat Paint Ltd) (ii) Dulax (iii) Shalimar Paints Ltd (Extra Maxium Ultra) (iv) Berger Paints Ltd (Weather Coat) (v) Asian Paints Ltd (Appex Ultima) (vi) Jotun India Pvt Ltd (E) French Polish (i) Jotun India Pvt Ltd. (ii) Berger (iii) J&N (iv) Asian (F) Thermoplastic Road (i) Jotun India Pvt Ltd. Marking Paint / Retro- (ii) Asian Apcomark Reflective Paint (iii) STP (iv) Shalimar Paints Ltd (v) Berger Paints Ltd (vi) Jenson & Nicholson Paints Ltd (G) Water Based Road Marking (i) Jotun India Pvt Ltd. Paint (ii) Berger Paints Ltd (iii) Asian Paints Ltd (Apcotrak) (vi) Jenson & Nicholson Paints Ltd (iv) Shalimar Paints Ltd (H) Acid Resistant Paint (i) Jotun India Pvt Ltd.
    [Show full text]
  • Indigo Paints Limited
    January 18, 2021 IPO Note - SUBSCRIBE INDIGO PAINTS LIMITED Company Background Issue Details Incorporated in 2000, Indigo Paints Ltd (‘Indigo’) has rapidly scaled up its operations to become Fresh Issue of Equity Shares aggregating upto ₹ 300 Crore the fifth largest company in the Indian decorative paint industry in terms of revenues as on and Offer For Sale of 5,840,000 Equity Shares FY20. Indigo has created an extensive distribution network across 27 states and seven union territories. The company manufactures its products across three manufacturing facilities located Issue Highlights in Jodhpur (Rajasthan), Kochi (Kerala) and Pudukkottai (Tamil Nadu) with an aggregate estimated Net Issue Size: ₹ 1,168 – 1,169 Cr No. of Shares ('000): 7,856 – 7,853 installed production capacity of 101,903 kilo litres per annum (“KLPA”) for liquid paints and Face Value (₹): 10 93,118 metric tonnes per annum (“MTPA”) for putties and powder paints. The company has Employee Reservation: Upto 70,000 Equity Shares expanded its manufacturing capabilities to manufacture a complete range of decorative paints Price Band : ₹ 1,488 – 1,490 including emulsions, enamels, wood coatings, distempers, primers, putties and cement paints. Bid Lot: 10 Shares and in multiple thereof Indigo is the first company to manufacture and introduce certain differentiated products in Employee Discount: ₹ 148 /- per share the decorative paint market in India, which includes Metallic Emulsions, Tile Coat Emulsions, Issue Opens On: Wednesday, 20th Jan’2021 Bright Ceiling Coat Emulsions, Floor Coat Emulsions, Dirtproof & Waterproof Exterior Laminates, Issue Closes On: Friday, 22nd Jan’2021 Post Issue Implied Exterior and Interior Acrylic Laminates, and PU Super Gloss Enamel (together, “Indigo ₹ 7,079 – 7,088 Cr Market Cap Differentiated Products”).
    [Show full text]
  • Morning Insight
    Morning Insight AUGUST 31, 2018 % Chg News Highlights 30-Aug 1 Day 1 Mth 3 Mths Indian Indices Bankruptcy court admits insolvency plea against Lavasa Corp.Lavasa, SENSEX Index 38,690 (0.1) 3.2 10.8 which owes more than Rs.30bn to lenders, owns about 20,000 acres NIFTY Index 11,677 (0.1) 3.2 10.0 in Maharashtra. (Mint) NSEBANK Index 28,103 (0.4) 0.9 6.7 NIFTY 500 Index 9,975 0.0 3.7 7.8 The Reserve Bank of India (RBI) has expressed concerns over banks CNXMcap Index 19,852 0.1 5.6 4.6 not adhering to the regulator’s income recognition and asset BSESMCAP Index 17,100 0.3 3.4 (1.4) classification norms (IRAC) and reporting divergences in bad loan World Indices numbers. (Mint) Dow Jones 25,987 (0.5) 2.2 6.4 Nasdaq 8,088 (0.3) 5.4 8.7 Natural gas price may be hiked by 14% from October. Rate hike will FTSE 7,516 (0.6) (3.0) (2.1) lead to higher CNG price and increased cost of electricity and urea NIKKEI 22,870 0.1 1.2 2.8 production. (Mint) Hangseng 22,870 0.1 1.2 2.8 The Union government plans to provide Rs.10bn as subsidy for Shanghai 28,164 (0.9) (2.6) (8.6) building a nationwide charging infrastructure for electric vehicles as Value traded (Rs cr) 30-Aug % Chg Day it seeks to expedite the roll-out of India’s ambitious EV programme.
    [Show full text]
  • Year 2018-2019 View
    BERGER PAINTS INDIA LIMITED (CIN: L51434WB1923PLC004793) 5HJLVWHUHG2I¿FH%HUJHU+RXVH3DUN6WUHHW.RONDWD 3KRQH1RV)D[1R :HEVLWHZZZEHUJHUSDLQWVFRP (PDLOFRQVXPHUIHHGEDFN#EHUJHULQGLDFRP NOTICE 1RWLFH LV KHUHE\ JLYHQ WKDW WKH 1LQHW\¿IWK$QQXDO *HQHUDO 0HHWLQJ RI %HUJHU 3DLQWV ,QGLD /LPLWHG ZLOO EH KHOG DW .DODPDQGLU 6KDNHVSHDUH6DUDQL.RONDWDRQWK$XJXVW0RQGD\DWDPWRWUDQVDFWWKHIROORZLQJEXVLQHVV ORDINARY BUSINESS: 7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVWKHIROORZLQJUHVROXWLRQVDVRUGLQDU\UHVROXWLRQV 1. ³5(62/9('7+$7WKHDXGLWHG¿QDQFLDOVWDWHPHQWV LQFOXGLQJWKHDXGLWHGFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV IRUWKH\HDUHQGHG VW0DUFKWKH5HSRUWVRIWKH%RDUGRI'LUHFWRUVDQGWKH$XGLWRUVEHDQGDUHKHUHE\UHFHLYHGFRQVLGHUHGDQGDGRSWHG´ 2. ³5(62/9('7+$7 D GLYLGHQG RI ` SHU VKDUH RQ WKH SDLG XS HTXLW\ VKDUHV RI ` HDFK RI WKH &RPSDQ\ IRU WKH\HDUHQGHGVW0DUFKEHDQGLVKHUHE\GHFODUHGWREHSDLGWRWKH0HPEHUVRIWKH&RPSDQ\KROGLQJVKDUHVLQWKH SK\VLFDOIRUPDQGZKRVHQDPHVDSSHDULQWKH5HJLVWHURI0HPEHUVRQWK$XJXVWDQGKROGLQJVKDUHVLQWKHHOHFWURQLF IRUP WR WKRVH ZKRVH QDPHV DSSHDU LQ WKH OLVW RI EHQH¿FLDO KROGHUV IXUQLVKHG E\ UHVSHFWLYH 'HSRVLWRULHV DV DW WKH HQG RI EXVLQHVVKRXUVRQWK-XO\´ 3. ³5(62/9('7+$7 0U .XOGLS 6LQJK 'KLQJUD ',1 'LUHFWRU RI WKH &RPSDQ\ ZKR UHWLUHV E\ URWDWLRQ DW WKLV PHHWLQJDQGEHLQJHOLJLEOHKDVRIIHUHGKLPVHOIIRUUHDSSRLQWPHQWEHDQGLVKHUHE\UHDSSRLQWHGDVD'LUHFWRURIWKH&RPSDQ\´ 4. ³5(62/9('7+$70U*XUEDFKDQ6LQJK'KLQJUD ',1 'LUHFWRURIWKH&RPSDQ\ZKRUHWLUHVE\URWDWLRQDWWKLV PHHWLQJDQGEHLQJHOLJLEOHKDVRIIHUHGKLPVHOIIRUUHDSSRLQWPHQWEHDQGLVKHUHE\UHDSSRLQWHGDVD'LUHFWRURIWKH&RPSDQ\´ SPECIAL BUSINESS: 7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVWKHIROORZLQJUHVROXWLRQDVDVSHFLDOUHVROXWLRQ
    [Show full text]
  • Momentum Pick
    Momentum Picks Open Recommendations New recommendations Gladiator Stocks Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 1-Oct-21 Nifty Nifty Sell 17520-17545 17482/17430 17583.00 Intraday Scrip Action 1-Oct-21 ONGC ONGC Buy 142.50-143.00 144.25/145.70 141.20 Intraday Hindalco Buy PICK MOMENTUM 1-Oct-21 UPL UPL Sell 707.00-708.00 700.60/693.80 714.60 Intraday Bata India Buy 30-Sep-21 Trent TRENT Buy 1010-1025 1125 948.00 30 Days HDFC Buy 30-Sep-21 Dhampur Sugar DHASUG Buy 290-294 312 282.00 07 Days Duration: 3 Months Click here to know more… Open recommendations Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 29-Sep-21 SJVN SJVLIM Buy 28.3-29 31.50 27.00 14 Days 29-Sep-21 National Aluminium NATALU Buy 92-94 101.00 86.50 07 Days Intraday recommendations are for current month futures. Positional recommendations are in cash segment Retail Equity Research Retail – October 1, 2021 For Instant stock ideas: SUBSCRIBE to mobile notification on ICICIdirect Mobile app… Research Analysts Securities ICICI Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT [email protected] [email protected] [email protected] Pabitro Mukherjee Vinayak Parmar [email protected] [email protected] NSE (Nifty): 17618 Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices Day that was… Open High Low Close Indices Close 1 Day Chg % Chg Equity benchmarks concluded the monthly expiry session on a subdued note tracking mixed global cues.
    [Show full text]
  • YEAR 2017-2018 View
    Notice 1 - 10 Directors' Report 11 - 27 Annexures to the Directors' Report 28 - 54 Business Responsibility Report 55 - 63 Corporate Governance Report General 64 - 81 Shareholders' Independent Information Auditor's Report 82 - 87 on Corporate Governance 88 - 89 Independent Auditor's Report – Standalo ne Annual 90 - 95 Accounts – Standalone 96 - 159 Financial Statement of Summary – Subsidiaries / Standalone Independent Associate 160 Auditor's Report Companies/Joint – Consolidated Ventures 163 - 167 161 - 162 Annual Accounts – Consolidated Financial Depots 168 - 231 Summary – 233 - 236 Consolidated 232 BERGER PAINTS INDIA LIMITED (CIN : L51434WB1923PLC004793) 5HJLVWHUHG2I¿FH%HUJHU+RXVH3DUN6WUHHW.RONDWD 3KRQH1RV)D[1R :HEVLWHZZZEHUJHUSDLQWVFRP (PDLOFRQVXPHUIHHGEDFN#EHUJHULQGLDFRP NOTICE 1RWLFHLVKHUHE\JLYHQWKDWWKH1LQHW\IRXUWK$QQXDO*HQHUDO0HHWLQJRI%HUJHU3DLQWV,QGLD/LPLWHGZLOOEHKHOGDW.DODPDQGLU 6KDNHVSHDUH6DUDQL.RONDWD±RQUG$XJXVW)ULGD\DWDPWRWUDQVDFWWKHIROORZLQJEXVLQHVV ORDINARY BUSINESS: 7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVWKHIROORZLQJUHVROXWLRQVDVRUGLQDU\UHVROXWLRQV ³5(62/9('7+$7WKHDXGLWHG¿QDQFLDOVWDWHPHQWV LQFOXGLQJWKHDXGLWHGFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV IRUWKH\HDUHQGHG VW0DUFKWKH5HSRUWVRIWKH%RDUGRI'LUHFWRUVDQGWKH$XGLWRUVEHDQGDUHKHUHE\UHFHLYHGFRQVLGHUHGDQGDGRSWHG´ ³5(62/9('7+$7DGLYLGHQGRI` SHUVKDUHRQWKHSDLGXSHTXLW\VKDUHVRI`HDFKRIWKH&RPSDQ\IRUWKH \HDUHQGHGVW0DUFKEHDQGLVKHUHE\GHFODUHGWREHSDLGWRWKH0HPEHUVRIWKH&RPSDQ\KROGLQJVKDUHVLQWKHSK\VLFDO IRUPDQGZKRVHQDPHVDSSHDULQWKH5HJLVWHURI0HPEHUVRQUG$XJXVWDQGKROGLQJVKDUHVLQWKHHOHFWURQLFIRUPWR WKRVHZKRVHQDPHVDSSHDULQWKHOLVWRIEHQH¿FLDOKROGHUVIXUQLVKHGE\UHVSHFWLYH'HSRVLWRULHVDVDWWKHHQGRIEXVLQHVVKRXUV
    [Show full text]