Berger Paints share price: Buy Berger Paints, target price Rs 720: Edelweiss

Edelweiss has given a buy rating to Berger Paints with a target price of Rs 720. The share price moved down by 0.20 per cent from its previous close of Rs 615.75. The stock’s last traded price is Rs 614.50.

Berger Paints (India) Ltd., incorporated in the year 1923, is a Large Cap company (having a market cap of Rs 59749.44 Crore) operating in Building Materials sector.

For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 930.76 Crore, down 31.30 % from last quarter Sales of Rs 1354.84 Crore and down 45.78 % from last year same quarter Sales of Rs 1716.53 Crore. The Company reported net profit after tax of Rs 19.56 Crore in latest quarter.

Investment Rationale
Stock is consolidating around its all-time high level. It has taken support at its 21-day exponential moving average and started its upward journey. We can see new high in the stock in the upcoming trading sessions

Promoter/FII Holdings
Promoters held 75 per cent stake in the company as of June 30, 2020, while FIIs held 11.7 per cent, DIIs 3 per cent and public and others 10.3 per cent.

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