The share price of the paint manufacturing company fell by 1.2% to its intraday low of ₹1,480 per share from its previous close of ₹1,498.20 on Wednesday, after the foreign institutional investors sold and bought the company stake through the bulk deal.
According to NSE bulk deal data, Morgan Stanley Asia Singapore PTE purchased 2.75 lakh or 0.58 percent of Indigo Paint Ltd shares for Rs 1,475 per share, totaling around Rs 40.56 crore.
Smallcap World Fund sold 1.48 percent of its stake, or 7.05 lakh shares, for Rs 1475.32 per share. According to shareholding data, Smallcap World Fund held a 1.97 percent stake in Indigo Paints until December 2023.
Indigo Paints Ltd net revenue increased by 11% year on year, from ₹243 crore in Q2FY23 to ₹270 crore in Q2FY24. Their revenue increased by 2.5% sequentially from ₹277 crore in Q1FY24 to current levels.
The company’s net profit grew by 29% year on year, from ₹37 crores in Q2FY23 to ₹26 crores in Q2FY24. Their quarterly profit fell by 16% from ₹26 crore in Q1FY24 to current levels.
Indigo Paints Ltd is a small-cap stock with a market capitalization of ₹7,000 crores, the share price of the company rose by 17.5% in the last year.
The company has a low price-to-earnings ratio of 54 with a debt-to-equity ratio of zero, a return on equity of 18%, a return on capital employed of 21%, and a net profit margin of 12%.
The promoters own 54% of the company, with 9% owned by foreign institutional investors, 35.6% owned by the general public, and 1.68% owned by domestic institutional investors.
Indigo Paints Ltd is a paint manufacturing company. The Company manufactures and sells decorative paints, with manufacturing facilities in Jodhpur (Rajasthan), Kochi (Kerala), and Pudukkottai (Tamil Nadu).
Written by Sriram KV
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