Asian Paints share price in focus today: Shares of Asian Paints, the country’s leading paint and décor company, jumped 6% in Thursday’s trade to the day’s high of 2,631 apiece in an otherwise subdued Indian stock market, following multiple positive developments — one of which was the resignation of Rakshit Hargave, CEO of Grasim Industries’ paints division, Birla Opus.
Grasim Industries on Wednesday said that Rakshit Hargave, CEO of its paints division, Birla Opus, has resigned from his position with immediate effect. He stepped down after serving 18 months in the role.
Birla Opus, which was launched 18 months ago, has quickly gained market share in India’s decorative paints segment, despite an industry slowdown, under Hargave’s active leadership in scaling up the business amid intense competition.
The market share has been driven by the rapid expansion of its distribution network, higher secondary sales, enhanced brand visibility, and sustained product quality differentiation, Grasim Industries said in its regulatory filing.
Global brokerage firm Jefferies termed the resignation of the CEO of Grasim’s paints division as a negative surprise. It highlighted that while the paints business faced a tough quarter, market share gains continued.
The rally in Asian Paints was also supported by the increase in the company’s weightage on the MSCI Standard Index, as part of its quarterly review effective November 24.
In another positive development, Japanese brokerage firm Nomura upgraded Asian Paints to a ‘buy’ from its earlier ‘neutral’ rating and raised its price target to ₹3,100 from ₹2,285 earlier, CNBC TV18 reported.
Asian Paints share price history
Asian Paints’ share price staged a strong comeback after hitting a 3-month low in October, gaining nearly 14% since then. In recent months, the stock has shown a steady recovery following a prolonged downturn that had earlier led to a significant decline from its all-time high.
So far this year, the stock has risen 14%, marking a sharp turnaround from the steep 33% crash in CY24, its biggest annual decline in a decade.
Looking ahead, the company’s Q2 results, scheduled for release on Wednesday, November 12, will determine the stock’s future momentum.
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