Shalimar Paints

Firstcall Research is bullish on Shalimar Paints and has recommended buy rating on the stock with a target of 132.40 in its January 15, 2013 research report.

Shalimar Paints, a leading paints manufacturing companies of India, reported its financial results for the quarter ended 30th Dec, 2012. The Third quarter witnesses a healthy increase in overall sales as well as profitability of the company. The company’s net profit jumps to 46.90 million against 37.90 million in the corresponding quarter ending of previous year, an increase of 23.75 percent. Revenue for the quarter increase 14.63 percent to 1437.80 million from 1254.30 million, when compared with the prior year period. Reported earnings per share of the company stood at 2.47 a share during the quarter, registering 75.25 percent decrease over previous year period due to change in face value from 10.00 to 2.00. Profit before interest, depreciation and tax is 117.40 millions as against 97.20 millions in the corresponding period of the previous year.

Currently, Shalimar Paints is being traded at 132.40. Its 52 week high is 153.70 and 52 week low has been 70.42.