April 9, 2019 / 4:52 AM / 5 months ago

BUZZ-India's Asian Paints fall; CLSA downgrades to 'sell'

** Shares of Asian Paints Ltd fall as much as 2.95 pct to 1,452.25 rupees, lowest in over a fortnight

** CLSA Research downgrades stock to ‘sell’ from ‘outperform’; cuts PT to 1,400 rupees from 1,565 rupees

** “We turn cautious given near-term concerns on demand and high expectation from the stock” - CLSA

** Recent trend from several sectors raises concern on broader consumption and we see these data points as worrying for paint industry - CLSA

** Crude oil prices have risen sharply by 33% pct to $70bbl from Jan lows, raising concerns on paint industry, CLSA adds

** Asian Paints said on Monday a fire broke out at manufacturing facility in Visakhapatnam, but clarified that it will not have an impact on its business ops

** Twenty-four of 32 brokerages rate the stock “buy” or higher, seven have ‘hold’ and one ‘sell’ or lower; their median PT is 1,552.50 rupees

** Up to Monday’s close, stock has risen 9 pct this year

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