“Gross margin pressure and strong volume is the outlook for the next one or two quarters for Asian Paints.â€
The spot price of the yellow metal has gained about Rs 900 per 10 gram in the last two weeks, whereas silver has jumped about Rs 3,600 per kg during the period under review.
"Any stock seating at 100 plus PE multiple could be set for a fall. Extremely richly valued stocks like DMart, InfoEdge, something like a Zomato, even Asian Paints, Astral Poly could see correction over even a minor disappointment."
The steelmaker reported a 69 per cent on-year jump in consolidated total revenue from operations to Rs. 32,503 crore, which was also above Street’s estimate.
“We can look at realty, auto as well as the ancillaries in both these sectors.â€
The driver for earnings in the September quarter will be the refining business, retail business and telecom operations.
The stock traded at a P/E multiple of 63.65, while the price-to-book value ratio stood at 16.38.
Promoters held 60.51 per cent stake in the company as of 30-Sep-2021, while FII and DII ownership stood at 11.22 per cent and 1.15 per cent, respectively.
On the technical charts, the RSI of the stock stood at 39.71.
A total of 373,137 shares changed hands on the counter till 02:14PM (IST).
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