Asian Paints invests Rs 1305 cr to increase Mysuru plant capacity; shares rise
asian paints invests rs 1305 cr to increase mysuru plant capacity; shares rise
Asian Paints Share Price: Shares of paint and coating manufacturing company Asian Paints on Monday traded positive as the company announced that it has invested Rs 1,305 crore to increase installed capacity of Mysore plant.
The stock quoted at Rs 2,922 apiece around 11 AM with nearly 4 lakh equities changing hands. The scrip is trading higher than 5-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.
Asian Paints is the country's largest paints company. The company has informed through an exchange filing that that the installed capacity of the Mysuru plant has been increased to 6,00,000 KL per annum in order to meet the medium-term capacity requirements.
"An amount of Rs. 1,305 crores (approx.) has been invested by the Company towards the above increase in installed capacity and the same has been funded through internal accruals," it said.