Shares of Kansai Nerolac Paints Ltd. advanced on Monday after its board approved the sale of its land in Thane, Mumbai.
The company will sell land parcel measuring 96,180 square meters, with an additional 910 square meters, aggregating to a total of 97,090 square meters to Shoden Developers Pvt., a unit of the Hiranandani Group.
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Apart from this, transfer of rights of land measuring 6,300 square meters at Kavesar, Thane, was also approved.
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The transaction will collectively raise Rs 671 crore. The company also notified about entering into a Deed of Conveyance for the transaction.
Shares of Kansai Nerolac Paints rose 4.22% intraday, before paring gains to trade 3.76% higher as of 10:32 a.m. This compares to a 0.64% advance in the NSE Nifty 50.
Total traded volume so far in the day stood at 3.96 times its 30-day average. The relative strength index was at 65.93, implying that the stock may be overbought.
Of the 20 analysts tracking the company, 10 maintain a 'buy' rating, three recommend a ‘hold', and seven indicate a ‘sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.8%.
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