Asian Paints shares rose 2% in early trade after Jefferies upgraded the stock to “Buy” from “Underperform.” The brokerage also raised the target price to ₹2,830, up from ₹2,000 earlier. As of 10:23 AM, the shares were trading 1.59% higher at Rs 2,524.20.
Jefferies noted that Asian Paints is its top contra idea for the next 12 months. It expects a gradual recovery in demand and margins, despite ongoing competitive pressures in the paints sector.
Asian Paints shares opened at ₹2,520.50 and touched a high of ₹2,535.00 during the session. The stock also hit a low of ₹2,495.70 on the same day. Currently, the stock remains significantly below its 52-week high of ₹3,394.90, while staying above the 52-week low of ₹2,124.75.
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