Asian Paints Share Price Gains After Major Block Deal
Last Thursday, Reliance Industries confirmed its role as the seller in a previous block deal involving Asian Paints.
Asian Paints Ltd.'s share price increased by over 1% on Monday, following a significant block deal in the pre-open window where 85 lakh shares were exchanged. The shares were traded at Rs 2,207 each, resulting in a total transaction value of Rs 1,876 crore.
Last Thursday, Reliance Industries confirmed its role as the seller in a previous block deal involving Asian Paints. In that transaction, Reliance Industries, through Siddhant Commercials Ltd., sold 3.5 crore equity shares of Asian Paints at an average price of Rs 2,201 per share, amounting to Rs 7,703 crore. SBI Mutual Fund was the buyer of the entire 3.64% equity stake that changed hands during this deal.
Reliance Industries also mentioned that Siddhant Commercials retained a balance of 87 lakh shares after the sale last week.
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Asian Paints Share Price
The scrip rose as much as 1.07% to Rs 2,237.90 apiece. It pared gains to trade 0.28% higher at Rs 2,220.50 apiece, as of 10:01 a.m. This compares to a 0.053% advance in the NSE Nifty 50.
It has fallen 23.92% in the last 12 months. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 36.
Out of 39 analysts tracking the company, seven maintain a 'buy' rating, 10 recommend a 'hold' and 22 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.5%.
