Asian Paints: Production resumes at Vizag, dividend proposed

Leading paint manufacturer announced that it has resumed operations at its Vishakhapatnam plant on Monday. The company had reported a fire at the plant in the second week of April.

Asian Paints' Vishakhapatnam facility has a production capacity of approximately 5 lakh kilolitres paints per annum. A fire broke out at this facility on April 8, but the company had notified then that there would not be any significant impact on its business operations due to the fire.

The company's Board of Directors have scheduled a meeting on May 9 to consider and approve the financial results for the quarter and year ended March 31, 2019. The board also plans to recommend payment of final dividend for FY19.

On Tuesday, the stock of Asian Paints opened at Rs. 1,450.00 per share and hit an intraday high of Rs. 1,454.10 and a low of Rs. 1,435.00. The stock is trading higher than its 100-day and 200-day moving average, but lower than its 5-day, 20-day and 50-day moving average. At 9:56 hours, the stock was trading at Rs. 1,439.00 per share, down by 0.29 per cent on BSE.