News for Indigo Paints Limited (INDIGOPNTS.BO)

Brent crude oil declined to its lowest level today since January 2021. Brent crude oil prices slipped to $69.4 per barrel.

Shares of Oil marketing companies (OMCs) extended their gains for the fourth consecutive session on Thursday after crude oil prices plunged to six-month lows in the international markets, which boosted investor sentiments. Traders said the OMC stocks gained with crude oil prices hovering below $70 per barrel after OPEC-plus decision to increase output from April, a move which is expected to favour Indian refiners with added marketing margins on retail fuel.

Industrial coatings business works with multiple partners and involves higher technological knowhow. If any of the suitors bid for the entire business, the Dulux maker may demand a valuation of up to $2 billion.

Berger Paints has decided to step aside from the race to acquire Akzo Nobel's India unit due to its high valuation. Abhijit Roy, the managing director, indicated that they would consider the acquisition at a fairer price. The company plans to enhance its distribution network to strengthen its presence and counter competition in the Indian market.

Major paint companies like Pidilite, JSW Paints, Berger, and Indigo Paints have submitted bids for acquiring Akzo Nobel India. The acquisition is valued at approximately ₹13,107 crore, following Akzo Nobel NV's strategic decision to sell its Indian operations. This move comes amid growing consolidation in the Indian paints industry.

The race for Akzo Nobel India includes Pidilite Industries, JSW Paints, and Indigo Paints, with a deal valued at $2-2.5 billion. The initial interest from Aditya Birla and Adani Group has shifted, indicating a significant change in the competitive landscape of the paint industry.

Asian Paints shares: The paint major posted a 42% year-on-year drop in consolidated net profit to Rs 694.64 crore in Q2FY25 on November 9.

Asian Paints share price today: The stock fell 9.3 per cent to hit a low of Rs 2,511.65 on BSE. Nomura India cut its FY25-FY27 EPS estimates by 13 per cent each to factor in the weak results.

Indian indices fell over 1% on Thursday, erasing prior gains, driven by profit-booking, concerns over foreign inflows, and weak corporate earnings. Analysts suggest mixed sentiment, with some maintaining a bullish short-term outlook for the Nifty, targeting 25,350.

Buzzing stocks, stocks to watch: Bharti Airtel, Kalpataru, Wockhardt, IEX, Polycab, Innova Captab, KIMS, Sterling Tools, M&M, NHPC, SAIL, Ircon, Va Tech Wabag, Bajaj Electrical

The stocks are spread across sectors like aviation, FMCG, technology, power, and consumer goods, among others.

The NSE Nifty index closed 292.95 points down at 24852.15

Large deals of 4.03 million shares took place in Indigo Paints, with Peaky Partners likely to be the sellers, according to reports: indigo paints share price

Shares of Indigo Paints fell by 5.7% to a low of Rs 1,452.10 on the BSE during early trading today. This decline followed a block deal estimated at Rs 179.2 crore, representing 2.5% of the companys equity, at a price of Rs 1,493 per share. Reportedly, 1.2 crore shares were traded in the transaction, with Peak XV Partners Investments (formerly Sequoia India) likely being the seller.

Shares of paint companies like Asian Paints and Indigo Paints saw gains of up to 6% on Wednesday due to a decline in crude oil prices. This drop in crude prices, crucial for producing raw materials used in paint manufacturing, contrasted with the overall market trend where indices Nifty and Sensex were trading lower.

Brent crude oil fell nearly 5 per cent on Tuesday. Crude oil is a key component in the production of certain raw materials used in the manufacturing of paints

The NSE Nifty 50 and the BSE S&P Sensex settled little changed at 24,836.1 and 81,355.84 points, respectively. Both benchmarks had risen 0.4% to all-time highs earlier in the session.

The Nifty 50 settled 0.08% lower at 22,434, while Sensex shed 0.04% to 73,877. Nifty 50 formed a small positive candle on the daily chart with a gap down opening and with an upper shadow. Technically this pattern indicates broader range movement in the market near all-time highs, said Nagaraj Shetti, senior technical research analyst at HDFC Securities. The MACD showed bearish signs on the counters of P&G, and Caplin Point among others.

Q3 Results Today: Tata Power, Pfizer, Hero Motor, Bajaj Healthcare, Saregama India, Inox Wind, Bajaj Hindustan Sugar and tv today Network among 351 companies that will post their quarter 3 2024 results today on February 9.