Akzo Nobel shares hit record high

Akzo Nobel India surged to a record high after the company posted good quarter numbers.

Shares of paints and coatings maker Akzo Nobel India today surged to a record high on the bourses after the company posted good first quarter numbers.

Akzo Nobel India reported a 54.71 per cent increase in its net profit for the first quarter ended June 30,2011 at Rs 67.98 crore from Rs 43.94 crore a year ago.

Reacting to good numbers the shares of the company surged as much as 8.30 per cent on the Bombay Stock Exchange (BSE) and 8.27 per cent on the National Stock Exchange (NSE) touching a 52-week high on both the bourses.

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The stock settled the day at Rs 937.55,up 4.14 per cent from its previous close on the BSE. On the NSE it finished the day at Rs 945,4.95 per cent up from its last close.

At the end of the trading session the market valuation of the company increased by Rs 17 crore to Rs 3,334 crore from Rs 3,317 crore yesterday.

Commenting on the movement of the stock,Ashika Stock Broking’s Research Head (Equities) Paras Bothra said,”The counter witnessed an uptrend owing to smart first quarter numbers posted by the company.”

On the volume front 43,859 shares exchanged hands on the BSE and 85,115 shares were traded on the NSE.

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The company’s net sales for the quarter under review increased by 19.81 per cent to Rs 338.66 crore,as against Rs 282.65 crore in the first quarter of 2010-2011.

Akzo Nobel India (previously known as ICI India) manufactures and markets paints (Dulux brand),speciality chemicals and starch.