Asian Paints

By Bharath Rajeswaran

Aug 19 (Reuters) - Robust profit growth for India's Nifty 50 companies has brightened the outlook for domestic markets, but global risk aversion and a strong IPO pipeline could temper a broader rally in the near term, according to Abakkus Investment Managers.

The benchmark Nifty 50 .NSEI and Sensex .BSESN are down 7.9% and 9.8% year-to-date amid crude-driven inflation and a record $25 billion in foreign outflows. In comparison, regional peers, such as South Korea and Taiwan, are up about 50% each.

Abakkus, which manages assets worth $5.2 billion, sees elevated crude prices, rising global yields and volatility in the AI trade as key external risks for Indian equities.

"Domestically, consumer demand and corporate profitability is strong as seen in the better-than-expected Q1 results, but globally, they are not," Aman Chowhan, head of equities of Alternates at Abakkus AMC, told Reuters on Wednesday.

However, Chowhan said that "after a weak first half, India should outperform EM and Asian peers relatively, but its direction will still be dictated by global risk sentiment, with crude and the AI trade likely setting the market's tempo."

Expanding equity supply is another hurdle, with IPOs, qualified institutional placements, and block deals competing for limited capital, Chowhan said.

"Every other day there's an IPO… some promoter selling, some QIP," Chowhan said, adding "fresh issues and institutional placements are siphoning liquidity from secondary markets as investors chase listing gains and growth stories."

After 27 mainboard IPOs raised 225.72 billion rupees ($2.36 billion) in the first half of 2026, a packed August pipeline signals sustained primary market supply in the near term.

Chowhan estimates that 40-50% of capital may, therefore, be absorbed by such offerings, restricting a broader market rally.

Against this backdrop, Abakkus favors leading niche NBFCs and mid-sized banking stocks, citing stronger credit growth.

It also expects foreign investors to return to equities only gradually as years of weak returns in key sectors, such as financials and IT, have made them cautious of increasing their exposure.

($1 = 95.7525 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)

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Asian Paints promoter Smiti Holding and Trading Company released encumbrance over 6.167 million shares on 14 August 2026. The release related to shares held as security for a loan and reduced Smiti Holding’s encumbered stake from 4.21% to 3.57%, while its total holding remained 5.36%. The encumbrance was in favour of Tata Capital through IOBI Trusteeship Services. The pledged holding of Asian Paints’ promoter group was shown at 4.97%, down from about 5.61% after recent increases.

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Asian Paints promoter Satyen A. Gandhi pledged 250,000 shares on 10 August as collateral for a business-purpose loan in favour of Julius Baer Capital (India) Pvt. Ltd. The pledge took his encumbered holding to 1,641,500 shares, or 0.17% of the company’s share capital, from 0.15%. The filing’s table showed total promoter-group encumbrance at about 5.6%; Smiti Holding had taken its pledged holding to 4.21% after a 41.66 lakh-share pledge on 6 August. Asian Paints’ standalone revenue was ₹30,600 crore in FY26, while revenue in the June 2026 quarter was ₹9,156.5 crore.

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** Shares of Asian Paints ASPN.NS down 2% to 2702 rupees, its sharpest drop in 3 weeks

** Paint-maker maintains FY27 volume, margin guidance; beats profit view

** Citi says better margins do not improve the stock's risk-reward, saying competitive intensity remains elevated

** Adds higher paint prices could prompt consumers to delay/downgrade purchases; maintains "sell"

** Morgan Stanley says lower-priced inventory drove the first-quarter margin beat, but expects sequential moderation, while management remains cautious on raw material cost volatility

** Systematix says "competitive intensity remains at all-time high levels with no let-up visible"

** Stock rated "hold" on avg; median PT 2950 rupees - data compiled by LSEG

** Stock down 2.6% YTD

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

Rewrites throughout with details from earnings call

By Urvi Dugar

BENGALURU, July 29 (Reuters) - India's Asian Paints ASPN.NS on Wednesday maintained its fiscal 2027 volume growth guidance of 8% to 10% and ruled out any immediate price hikes despite volatile geopolitical conditions that have impacted raw material costs.

"Ideally, we would not like to take any increases going forward, unless the situation really becomes alarming... in certain categories," managing director Amit Syngle said.

The company's reliance on crude oil-linked products remains a key concern amid ongoing price volatility, he added.

Indian paint manufacturers including Asian Paints — the country's largest paint maker — have been grappling with higher raw material costs as the Middle East conflict keeps crude oil prices elevated.

Asian Paints said it would drive cost efficiencies through premiumisation to protect margins and absorb external pressures.

Earlier this month, the company raised prices by about 12%. It had also hiked rates earlier in the year, according to Macquarie dealer checks.

Asian Paints' consolidated first-quarter profit of 15.39 billion rupees ($161 million) beat analysts' estimates of 12.02 billion rupees, according to LSEG data, as the sharp price hikes helped offset higher costs.

Its profit margin before depreciation, interest, tax and other income expanded to 22% during the quarter compared with 19.4% a year earlier.

Paint makers are also facing tougher competition following the entry of Grasim Industries' GRAS.NS Birla Opus, which has intensified pricing and market-share pressures.

"Competitive intensity is at an all-time high, leaving little room for complacency," Syngle said.

First-quarter volume growth in Asian Paints' key domestic decorative business, a metric closely watched by investors amid concerns over price hikes, rose 9% from a year earlier. Rural markets continued to grow faster than urban ones.

Revenue from operations during the quarter rose 18% from a year earlier, while total expenses jumped nearly 14%.

($1 = 95.5875 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Nivedita Bhattacharjee and Jonathan Ananda)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, July 20 (Reuters Breakingviews) - India's economy and currency are getting battered by the latest energy shock, but the performance of its largest company stands in stark contrast. The cash cow refining unit of Mukesh Ambani's $186 billion Reliance Industries RELI.NS grew earnings strongly last quarter despite crude supply pressures. Its accomplishment is as much a marker of its growing challenges as a testament to the group's operational resilience.

In an investor meeting on Friday, Chief Financial Officer V Srikanth described as "extraordinary" the economic conditions and supply disruptions of the three months to the end of June. Yet revenue at Reliance's oil-to-chemicals business reversed the previous year's decline to surge 30%. EBITDA grew 17%, faster than its pace a year ago.

That offers some respite for Ambani's conglomerate, which derives well over half of its annual revenue from the refining unit. Concerns around the Iran war have dragged Reliance shares down 15% so far this year, twice as much as the benchmark Nifty 50 Index .NSEI.

The company improved its performance by switching crude sourcing from the Middle East to Russia, Latin America and Africa. It helped that its complex refining capabilities can profitably process heavier grades of crude. Reliance also redirected its refined goods from Europe to markets like Singapore and Australia, where higher supply deficits supported margins.

That wasn't enough, though, to offset the hit from absorbing higher crude prices on fuel sales at Indian pumps. An official mandate to divert capacity to producing liquefied petroleum gas for domestic consumption from more lucrative export-bound products weighed on the unit's EBITDA margin, which fell by a full percentage point to 8.4%.

That shows the limits to Reliance's operational strengths. As hostilities in the Middle East flare up again after a short-lived ceasefire, the group will be forced to keep up its delicate balancing act for longer.

Pressure on earnings could intensify after New Delhi hiked levies on diesel and jet fuel exports earlier this month, after two months of gradual cuts. Crude price spikes may also become harder to manage whenever China, whose considerable stockpiles have allowed it to stay away from oil buying, returns to the market.

The spate of extraordinary conditions looks poised to last. That means Ambani's flagship has to fight to keep to its winning ways.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Reliance Industries on July 17 reported a 25% year-on-year decline in consolidated net profit to 231.96 billion rupees ($2.4 billion) for the three months to the end of June. Profit fell due to the effect of a high base caused by a one-off sale of the company's shares in Asian Paints in the corresponding period last year.

The company's flagship oil-to-chemicals division logged a 30% increase in revenue to 2 trillion rupees and a 17% rise in EBITDA to 170 billion rupees during the reporting quarter.

(Editing by Antony Currie; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

July 13 (Reuters) - India's Asian Paints ASPN.NS has increased prices by about 12% to counter rising raw material costs linked to the Middle East conflict, marking the steepest hikes in the industry, the firm said on Monday.

Here are some details:

• The country's largest paint-maker by market share said the situation in West Asia remains fluid, and that input costs could take time to normalise

• "The recent escalation in West Asia has created significant inflationary pressures in raw materials, particularly through crude oil-linked inputs," Chairman R. Seshasayee said in an annual report

• Earlier, rivals Berger Paints India BRGR.NS raised its prices between 1% and 2%, Kansai Nerolac Paints KANE.NS 2-3% and JSW Dulux JSWD.NS 10%.

• Indian paint makers have raised prices this year to offset higher crude-linked raw material costs, while volatility in petrochemical supplies due to tensions in the Middle East has pressured production and margins

($1 = 95.6200 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Harikrishnan Nair)

(([email protected]; +91 9558725583;))

** India's Asian Paints ASPN.NS posted 69% rise in fourth-quarter net profit, helped by domestic volume growth in its core decorative paints segment

** Shares up as much as 3.82%, last up 2.26% at 2,732.6 rupees

DEMAND RISKS AND COST PRESSURES REMAIN KEY WATCHPOINTS

** Nomura ("buy", PT:3,600 rupees) says better mix and cost savings along with softer crude, should keep margins at 18–20%, with FY27 sales growing in the high teens despite still-high but easing competition

** Jefferies ("buy", PT: 3,300 rupees) says steady demand momentum, 8–10% volume rise guidance for FY27 should drive growth, flags margins to remain a key monitor amid high competition and input cost volatility

** Goldman Sachs ("sell", PT: 2,575 rupees) flags macro headwinds as a key watch, with rising fuel and consumer prices potentially weighing on paint demand and leading to downtrading

** HSBC ("hold", PT: 2,550 rupees) says price hikes could impact both the quality and quantity of demand alongside behavioural changes in consumption patterns

(Reporting by Devika Nair in Bengaluru)

(([email protected];))

** Shares of India's Asian Paints ASPN.NS rise as much as 0.67%, last up 0.19% to 2677.01 rupees

** Paintmaker to report fourth quarter results on the day

** Analysts on average expect the co to post a 61% year-on-year rise in Q4 profit to 11.16 billion rupees ($116.71 million) -- data compiled by LSEG

** The quarter was marked by heightened volatility in crude oil and raw material prices amid the Middle East conflict, prompting paintmakers to raise prices to protect margins

** Co had reported a surprise profit decline in the December quarter due to a one-off charge related to India's new labour laws

** ASPN rated "hold" on average by 35 analysts, median PT at 2729 rupees --LSEG data

** YTD stock down 3.62%

($1 = 95.6225 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

By Urvi Dugar

BENGALURU, May 15 (Reuters) - Indian paint maker JSW Dulux JSWD.NS expects to log double-digit volume growth in fiscal year 2027 but warned margins will face pressure in the near term due to volatile input costs related to Middle East uncertainty, a top executive told Reuters on Friday.

The warning highlights how increases in crude oil-linked raw material costs increases related to the war in the Middle East are squeezing profitability across India's paint sector even as demand stays robust. The higher costs are forcing paint makers to hike prices, while disruptions in gas supply are also taking a toll on production.

"There are challenges… a lot of the workshops are not running full steam because of non-availability of gas," CEO Rajiv Rajgopal said, adding demand softness could become clearer from mid-June through July.

Dulux raised prices about 10% between March and May, but margins remain under pressure as oil-linked cost increases outpaced product price hikes. Oil prices have risen sharply since the conflict began in February and Brent crude oil futures LCOc1 were trading at $107.49 a barrel at 0642 GMT on Friday.

The impact has so far been limited on JSW Dulux's bottom line. On Wednesday, it posted a roughly 16% rise in March quarter net profit from a year ago while logging volume growth of about 7% for fiscal 2026.

Rajgopal said it was too early to assess any slowdown in discretionary home improvement demand.

The paint maker, which competes with the likes of Asian Paints ASPN.NS and Grasim Industries' GRAS.NS Birla Opus, is ramping up its mid-market presence and targeting mass urban consumers to counter intensifying competition, a move that could weigh on margins in the short term, he added.

Now part of the JSW Group after last year's $1.6 billion acquisition of a 75% stake from Dutch firm Akzo Nobel AKZO.AS, JSW Dulux expects integration benefits after the merger to support margins from the second half of fiscal year 2027.

(Reporting by Urvi Dugar in Bengaluru; Editing by Chandini Monnappa and Ronojoy Mazumdar)

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May 12 (Reuters) - Berger Paints India BRGR.NS reported a 27.5% surge in fourth-quarter profit on Tuesday, aided by strong volume growth across key business segments on better product mix and softer raw material prices.

• Consolidated net profit rose to 3.35 billion rupees ($35.03 million) for the March quarter, from 2.63 billion rupees a year ago; volumes expanded 12%.

• Decorative and automotive coatings segments posted double‑digit volume growth, supported by premium product traction and healthy two‑ and three‑wheeler demand, helping total revenue from operations rise 6%.

• Improvement in domestic demand trends and sequential monthly upticks were positive indicators, CEO Abhijit Roy said, adding that calibrated price hikes initiated from late March are expected to support margins amid rising raw material costs.

• Company raised prices by 1% to 2% effective March 25 to offset rising input costs, joining peers Kansai Nerolac KANE.NS and Asian Paints ASPN.NS.

• Analysts at Nomura said higher raw material inflation in March and April could pressure industry margins in first quarter of fiscal year 2027.

• Berger re-appointed Roy as MD and CEO for a four-year term effective July next year.
  ($1 = 95.6275 Indian rupees)

(Reporting by Devika Nair in Bengaluru; Editing by Harikrishnan Nair)

(([email protected];))

** Nomura says Asian Paints ASPN.NS announced a price hikes of 3%-5%, taking the cumulative price hike to high-single-digits to double-digits

** The increase comes as the ongoing supply chain disruptions led to increased costs of raw materials, packaging and logistics

** Nomura does not expect the hikes to hurt industry volumes since paint makes up nearly half the total cost of painting services, which should limit the impact on demand

** Better realizations are expected to support industry sales growth and margins, as cumulative price increases flow through

** Raw material inflation picked up sharply in March and April, likely to pressure industry margins temporarily in 1QFY27, Nomura says

** ASPN has started to lead price increases, with other listed paintmakers expected to follow

** Nomura has "buy" rating on the sector

** YTD, ASPN down 11%, Berger Paints India BRGR.NS falls 12.7%, Grasim Industries GRAS.NS down 3.8%, and Kansai Nerolac Paints KANE.NS declines 13.7%

(Reporting by Yagnoseni Das in Bengaluru)

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**Shares of Asian Paints ASPN.NS up 1.8% to 2,160 rupees

**As per media reports, the company hikes prices between 6% and 8% across its decorative portfolio in two phases starting April 10

**Follows a 1%-2% price hike by Berger Paints BRGR.NS and 2%-3% price hike by Kansai Nerolac KANE.NS effective March 25

**Macquarie ("Outperform"; PT: 3,100 rupees) says co's price hike is part of historical patterns of companies taking price hikes to pass on input inflation

**Brokerage believes margin headwinds linked to input cost inflation are more near-term in nature

**Stock rated as "Hold" on average by 35 analysts; median PT at 2,730 rupees per data compiled by LSEG

**YTD, stock down 21.5%

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

** Shares of Asian Paints ASPN.NS slides 6% to 2,466.6 rupees

** Shares fell 3% on Tuesday after company posted surprise profit drop

** Consol net profit fell 4.5% to 10.6 billion rupees ($115.69 million) for the Dec quarter

** Profit was impacted by one-time charge of 1.58 billion rupees tied to the country's new labour laws, outweighing strong volume growth in its mainstay decorative paint segment

** UPS ("Neutral"; PT: 2,900 rupees) says demand remained soft due to extended monsoon and an early Diwali pushing festive buying into the previous quarter

** Brokerage says the company aims for volume growth of 8% to 10% in the coming quarters

** Stock rated as "hold" on average by 32 analysts; median PT at 2,723 rupees - LSEG data

** Stock rose 21.4% in 2025

($1 = 91.6230 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

Jan 27 (Reuters) - Asian Paints Ltd ASPN.NS:

• INTERNATIONAL BUSINESS TO AID GROWTH MOMENTUM IN Q4

Source text: ID:nNSE1q8yVb

Further company coverage: ASPN.NS

(([email protected];))

** Shares of Asian Paints ASPN.NS rise 1.8% to 2,919 rupees
** Top gainer on the benchmark Nifty 50 index .NSEI, which is down 0.55%
** UBS upgrades stock to "neutral" from "sell"
** Lifts PT to 3,200 rupees, an upside of 12% to last close, from 2,100 rupees earlier
** Brokerage notes the paintmaker has delivered double-digit volume growth and better-than-expected results in Q2 despite weak demand environment
** UBS sees ASPN's H2 volume outlook as a positive, and expects market conditions to improve in near term
** ASPN had said it intends to maintain volume momentum in H2
** Stock set for best session since Nov. 13, when ASPN jumped on Q2 profit beat
** Avg rating of 35 analysts is "hold", median PT is 2,750 rupees, ~6% lower than current price - data compiled by LSEG
** YTD, ASPN up ~28%

(Reporting by Anuran Sadhu in Bengaluru)

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Nov 12 (Reuters) - Asian Paints ASPN.NS, India's largest paint-maker by market share, reported a rise in quarterly profit on Wednesday, helped by strong domestic volume growth in decorative paints and a low base after its earnings slumped a year earlier.

Consolidated net profit rose 43% to 9.94 billion rupees ($113.1 million) for the July-September quarter.

The paint-maker's profit halved to 6.95 billion rupees in the year-ago quarter.

($1 = 87.8950 Indian rupees)

(Reporting by Hritam Mukherjee and Anuran Sadhu in Bengaluru; Editing by Sonia Cheema)

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By Aditya Kalra

NEW DELHI, Sept 11 (Reuters) - An Indian court on Thursday dismissed a plea by Asian Paints ASPN.NS to quash an ongoing antitrust inquiry against the company, six people familiar with the proceedings said.

The Competition Commission of India is investigating Asian Paints, which has a 52% market share, after officials found merit in a complaint filed by rival Birla Opus that the country's biggest paints maker had abused its dominant position by offering discounts and incentives to dealers.

Asian Paints sought to quash the inquiry in July by mounting a challenge at the High Court in Mumbai, arguing that CCI officials damaged its reputation by publishing – and then deleting – allegations against its CEO from the investigation order.

The High Court in a brief hearing on Thursday dismissed the company's plea, and a detailed order will be issued later, said the six sources.

The court said it found "no merit" in Asian Paints' plea, one of the sources said.

Asian Paints did not respond to a request for comment.

The CCI and Birla Opus - the paints arm of Aditya Birla Group company Grasim Industries GRAS.NS, led by billionaire Kumar Mangalam Birla - also did not respond to requests for comment.

Rapid infrastructure and real estate growth in India, one of the world's fastest-growing economies, has made the paints business a lucrative sector worth around $9.5 billion.

Birla dented Asian Paints' dominance after its launch in February 2024, growing rapidly to a near 7% market share by March this year, Elara Capital data shows.

The CCI's initial review showed Asian Paints imposed what it called unfair conditions on dealers, which it considered "exploitative conduct".

(Reporting by Aditya Kalra; Editing by Kirsten Donovan)

((Email: [email protected]; X: @adityakalra;))

Aug 4 (Reuters) - PPG Industries Inc PPG.N:

• PPG, ASIAN PAINTS RENEW INDIA JOINT VENTURE IN 15-YEAR AGREEMENT

• PPG INDUSTRIES INC - EXTENSION EFFECTIVE 2026 THROUGH 2041

Source text: ID:nBwQSSrxa

Further company coverage: PPG.N

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July 30 (Reuters) - ** Asian Paints ASPN.NS, India's largest paint-maker by market share, reported Q1 profit in line with market estimates on Tuesday

** Shares up 0.8%

TWO STEPS FORWARD, ONE STEP BACK

** Motilal Oswal ("neutral"; PT: 2,500 rupees) says exciting days far away for co

** Adds while co seeing some urban green shoots, uncertainty in demand and intense competition, softening raw material prices not rendering required confidence in earnings

** Ambit Capital ("sell"; PT: 2,070 rupees) says margin pressures to intensify as anti-dumping duty on Chinese imports seen driving up costs for co, despite controlled channel spends

** Cuts FY26 EBITDA estimates by 5%

** Centrum ("add"; PT: 2,650 rupees) says co taking two steps forward and one step back

** Sees persisting challenges in near-term competitive intensity, despite positive demand commentary

** Notes raw material softness to be offset by anti-dumping duty, co's growing ad spends, discounting margins

(Reporting by Kashish Tandon in Bengaluru)

((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))

July 29 (Reuters) - Asian Paints Ltd ASPN.NS:

• ASIAN PAINTS - CONFIDENT IN THE LONG-TERM GROWTH POTENTIAL OF HOME DÉCOR AND PAINTS INDUSTRY

Source text: ID:nBSE7RQLYz

Further company coverage: ASPN.NS

(([email protected];;))

By Aditya Kalra, Arpan Chaturvedi and Aditi Shah

NEW DELHI, July 25 (Reuters) - India's biggest paints maker, Asian Paints ASPN.NS, is seeking to quash an antitrust inquiry, arguing that officials damaged its reputation by publishing – and then deleting – allegations against its CEO from the investigation order, legal papers show.

Rapid infrastructure and real estate growth in India, one of the world's fastest-growing economies, has made the paints business a lucrative sector worth around $9.5 billion.

The Competition Commission of India is investigating Asian Paints, which has a 52% market share, after officials found merit in a complaint filed by rival Birla Opus that Asian Paints had abused its dominant position by offering discounts and incentives to dealers.

In a court challenge, Asian Paints told Mumbai judges the CCI's July 1 order contained an allegation that its CEO warned raw material suppliers in a meeting that they would get less business from the company if they dealt with Birla.

Within 24 hours, the reference was deleted and a new modified order was issued by the CCI, Asian Paints said in the filing, adding that both orders were still online and such an unexplained change was against legal procedures.

"The concurrent existence of two different orders ... has undermined the integrity of the proceedings, creating confusion in the market," Asian Paints said in its July 14 high court filing, seen by Reuters.

"The contents of the first impugned order have also caused grave reputational damage to the petitioner and to its CEO."

The CCI did not respond to Reuters queries on Asian Paints' lawsuit or why the changes were made to its order.

Asian Paints, its CEO Amit Syngle and Birla Opus, the paints arm of billionaire Kumar Mangalam Birla's Grasim Industries GRAS.NS, also did not respond to queries.

Reuters is first to report the contents of Asian Paints' 250-page lawsuit, which is not public.

Birla has dented some of Asian Paints' dominance after it launched in February 2024 and grew rapidly to garner a near 7% market share by March this year, Elara Capital data shows.

Asian Paints also presented a table to the judge citing other changes made in the revised order, including the deletion of a reference that its representatives were allegedly concerned about some dealers using Birla's specialist paint devices.

Making such changes indicates the CCI took its decision with a "pre-meditated mind", Asian Paints' filing said.

Ahead of the CCI's decision to investigate, Reuters on June 6 first reported Birla's confidential antitrust complaint against Asian Paints. Asian Paints submitted that story to the CCI and also inquired about the case, the filing shows.

Asian Paints' court challenge will be heard on August 6.

(Reporting by Aditya Kalra, Arpan Chaturvedi and Aditi Shah
Editing by Mark Potter)

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Adds details on results, analyst comments, share milestone

July 21 (Reuters) - Shares of Reliance Industries RELI.NS fell about 2% on Monday after the conglomerate's energy and retail segments reported first-quarter results below analysts' expectations on Friday.

Reliance, one of the heaviest-weighted stocks in the benchmark Nifty 50 index .NSEI, was a top drag, pressuring the index and limiting upside. The index was slightly higher by 0.3% as of 10:15 a.m. IST.

On Friday, Reliance posted a 78% surge in first-quarter profit, helped by a jump in income from the sale of its stake in Asian Paints ASPN.NS.

However, earnings before interest, taxes, depreciation, and amortization (EBITDA) in its key oil-to-chemicals (O2C) and retail segments came in below several analysts' expectations.

The company said planned shutdowns at its Jamnagar refinery in the western state of Gujarat hurt its refining operations, while seasonal weakness in consumer electronics weighed on retail growth.

"Reliance's share price could see a near-term moderation post this result print," Macquarie analysts said in a note.

Reliance shares are up about 19% so far this year, compared with a 5.9% gain in the Nifty 50 index .NSEI.

Despite the mixed bag, at least 10 analysts raised their price targets on the stock after the results, with the median price target rising to 1,640 rupees from 1,565 rupees a month ago.

Analysts noted the expectations of a recovery in gross refinery margins would likely be a driver for O2C growth this year, and also expected strong growth in the retail and telecom unit Jio.

"Retail and Jio are likely to accelerate, and the new energy ecosystem is expected to fully operationalise in four to six quarters, with partnerships and a self-funded model in a few years," Emkay analysts said in a note.

Meanwhile, in an interaction with analysts on Friday, Reliance said that the company was "evaluating" the European Union's newer sanctions on Russia. Reliance is among the top buyers of cheaper Russian crude.

"We believe that we are pretty diversified," Srinivas Tuttagunta, chief operating officer of Refining & Marketing, Reliance Industries said.

(Reporting by Sethuraman NR; Editing by Janane Venkatraman)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Adds details of gains in paragraph 3, Jio Infocomm results in paragraph 9

By Chandini Monnappa and Sethuraman N R

July 18 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries RELI.NS reported a better-than-expected 78% surge in first-quarter profit on Friday, driven by strong growth across key businesses and gains from the sale of its stake in Asian Paints ASPN.NS.

The profit jump was underpinned by a recovery in Reliance's core oil-to-chemicals segment, which benefited from improved refining margins and petrochemical demand. Strong performances from its retail and digital services arms also bolstered earnings.

Additionally, a sharp rise in other income, led by the sale of its stake in Asian Paints, boosted profit. The conglomerate's other income nearly quadrupled to 151.19 billion rupees in the June quarter, with 89.24 billion rupees stemming from the investment sale.

Reliance, India's biggest company by market value, in June sold a stake in Asian Paints >, worth about $1.12 billion.

Reliance Retail and Jio, which together account for roughly 45% of the company's revenue, had been the engine powering the conglomerate's earnings in the six months to March, while offsetting a slowdown in the oil-to-chemicals segment, its largest revenue contributor.

Reliance's consolidated profit jumped to 269.94 billion rupees ($3.14 billion) in the June quarter, up from 151.38 billion rupees a year earlier, smashing analysts' estimate of 198.59 billion rupees, according to LSEG data.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the oil-to-chemicals business rose 10.8% to 145.11 billion rupees.

EBITDA from its Jio Platforms rose 23.9% year-on-year, the strongest growth among its segments, while retail EBITDA increased 12.7%.

Jio Infocomm, its telecom unit, logged a 23.3% rise in net profit, while revenue rose 16.6%.

The company said it was on track to set up its planned "giga factories" in the next four-to-six quarters and that, once operational, the business would be self-sustaining, without requiring further investment from Reliance.

Reliance, which operates the world's largest refining complex in Jamnagar, Gujarat, announced a $10 billion investment in 2021 to build its green energy portfolio and achieve net-zero carbon emissions by 2035.

($1 = 86.0620 Indian rupees)

(Reporting by Sethuraman NR and Chandini Monnappa; Editing by Anil D'Silva and Pooja Desai)

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Recasts paragraph 1, adds details throughout

July 9 (Reuters) - Asian Paints ASPN.NS said on Wednesday it sold its entire 4.42% stake for 7.34 billion rupees ($85.69 million) in smaller rival Akzo Nobel India AKZO.NS via bulk deals.

Asian Paints, India's largest paintmaker by market share, sold about 2 million shares at a price of 3,651 rupees, which is less than a 1% discount to Akzo Nobel's closing price on Tuesday.

The stake sale comes after JSW Paints announced in June it would acquire Dutch paintmaker Akzo Nobel's AKZO.AS Indian arm for about $1.6 billion, the country's biggest deal in the sector, as competition intensifies between established players and new entrants.

($1 = 85.6590 Indian rupees)

(Reporting by Hritam Mukherjee and Ananta Agarwal in Bengaluru; Editing by Vijay Kishore)

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July 3 (Reuters) - Asian Paints Ltd ASPN.NS:

• ASIAN PAINTS LTD - CCI ISSUES ORDER TO INVESTIGATE ASIAN PAINTS

• ASIAN PAINTS LTD - CCI REVISES ORDER AGAINST ASIAN PAINTS

• ASIAN PAINTS LTD - TO REVIEW AND COOPERATE WITH CCI ORDER

Source text: ID:nBSE8JC7yX

Further company coverage: ASPN.NS

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Updates

** Shares of India's Asian Paints ASPN.NS down 1%

** Competition Commission of India on Tuesday found India's largest paintmaker in violation of competition laws and ordered a probe

** Asian Paints abused its dominant market position by offering dealers incentives such as foreign travel in exchange for exclusivity, coerced landlords and raw material suppliers to refrain from engaging with rival Birla Opus - CCI order

** Birla Opus is housed under Grasim Industries GRAS.NS, led by Indian billionaire Kumar Mangalam Birla; GRAS up 0.6%

** Reviewing CCI order, will take appropriate legal recourse - Asian Paints

** CLSA says it believes complaint is reflective of increased competitive activity and will increase scrutiny on the responses made by incumbents to new entrants

** If final order is in favour of Grasim, and Asian Paints is asked to mend its manner of operating, it could lower entry barriers for challengers - Investec

** CLSA maintains "underperform" on ASPN, while Investec has "sell"; stock on an avg rated "sell" - data compiled by LSEG

** Stock up ~4% YTD

(Reporting by Hritam Mukherjee in Bengaluru)

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July 1 (Reuters) - Asian Paints Ltd ASPN.NS:

• ASIAN PAINTS LTD - REVIEWING ORDER, WILL TAKE LEGAL RECOURSE

• ASIAN PAINTS: CURRENTLY REVIEWING CCI ORDER AND WILL TAKE APPROPRIATE LEGAL RECOURSE

• ASIAN PAINTS LTD - CCI ORDERS INVESTIGATION AGAINST ASIAN PAINTS

• ASIAN PAINTS: REMAINS COMMITTED TO FULLY COOPERATING WITH CCI DURING COURSE OF INVESTIGATION

Source text: ID:nBSE6wqNkm

Further company coverage: ASPN.NS

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