logo
Asian Paints shares in focus after Birla Opus files abuse complaint; CCI probe likely

Asian Paints shares in focus after Birla Opus files abuse complaint; CCI probe likely

Time of India2 days ago

Asian Paints shares
will be in focus on Monday after Birla Opus Paints, a unit of the Birla Group, filed a complaint with the
Competition Commission of India
(CCI), accusing the company of abuse of dominance, according to sources cited by CNBC-TV18.
Grasim Industries
, which owns Birla Opus Paints, reportedly filed the complaint in November 2024, alleging that Asian Paints threatened dealers with reduced credit limits and withdrawal of contracts if they engaged with Grasim. The complaint also accuses Asian Paints of delaying supplies and restricting access to tinting machines as a pressure tactic.
Asian Paints, India's largest paint manufacturer, holds 53% of the country's installed paint production capacity and has a vast distribution network of over 74,000 dealers across 1.6 lakh touchpoints.
Sources said the CCI is expected to soon initiate a formal investigation into the allegations, with an order for a probe likely in the near future.
Also Read:
Dixon Technologies, LIC Housing Finance among 10 mid-cap stocks analysts expect to gain up to 40%
Live Events
Asian Paints
Q4 Earnings
Asian Paints reported a 45% year-on-year decline in consolidated net profit to Rs 692 crore in Q4FY25, down from Rs 1,257 crore in the same period last year. Revenue from operations fell 4% YoY to Rs 8,330 crore.
Profit before depreciation, interest, tax, other income, and exceptional items (PBDIT) dropped 15% YoY to Rs 1,436 crore. The PBDIT margin slipped to 17.2% from 19.4%.
Asian Paints Share Price Target and Performance
According to Trendlyne, the average target price for Asian Paints is Rs 2,289, implying a potential upside of 2%. Of the 35 analysts covering the stock, the consensus rating is 'Sell'.
The stock has declined 23% over the past year and 30% over the last two years. Its current market capitalisation stands at Rs 2.15 lakh crore.
Also Read:
India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list
(
Disclaimer
: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Vendors told to shift to new Morhabadi market building
Vendors told to shift to new Morhabadi market building

Time of India

time20 minutes ago

  • Time of India

Vendors told to shift to new Morhabadi market building

Ranchi: The municipal corporation (RMC) on Tuesday formally sent notification to 161 selected vendors asking them to shift to the newly constructed vendor market near the Morabadi electricity office at the earliest. Additional municipal commissioner Sanjay Kumar said, "All allottees are to ensure the timely setup of their shops at the assigned stalls or platforms." He added, "The allotment was conducted with full transparency. Vendors who couldn't be allotted due to document issues can reapply during the second phase." The new market, built at a cost of Rs 1.36 crore with capacity to house 218 vendors, marks a push by the Ranchi Municipal Corporation to decongest footpaths and bring order to the vending ecosystem. Initially, 418 applied in April, out of which 169 were shortlisted based on eligibility, including PM SVANidhi registration and vendor IDs issued before March 5, 2022.

Bank fraud case: Court rejects plea of accused to take part in trial without bail
Bank fraud case: Court rejects plea of accused to take part in trial without bail

Time of India

time20 minutes ago

  • Time of India

Bank fraud case: Court rejects plea of accused to take part in trial without bail

Kanpur: Special Judge Companies Act Azad Singh on Tuesday rejected the plea of two accused who sought permission to appear and participate in the trial of Rs 7,820 crore bank fraud case without seeking bail. Tired of too many ads? go ad free now The judicial official not only dismissed their application but also ordered that a date be fixed every week in the case. June 17 has been fixed as the next date of hearing. The accused applicants, Sunil Verma and Anoop Kumar Verma, had submitted an application before the court to allow their participation in the trial. Kaushal Kishore Sharma, special prosecutor for the case, strongly opposed the plea, stating that without obtaining bail they can not be allowed to participate in the proceedings. The Companies Act contains special provisions regarding bail, which override those in the Cr PC. Consequently, the judicial official dismissed the application and fixed June 17 as the next date of hearing. Sharma stated that the Serious Fraud Investigation Office had lodged a complaint against 69 accused on behalf of several banks in bank fraud amounting to Rs 7,820 crore. Some name and famed persons of the city were also implicated in the case while as many as 20 accused were residing abroad and their files had been separated from the main case. Sharma mentioned that the court had already issued a non-bailable warrant against the accused, Satish Chandra Gupta, who is living abroad. The two accused Sunil Verma and Anoop Kumar Badhera had approached the apex court, where an order was passed that no coercive action should be taken against them, although their application is still pending. On Monday last, they moved an application before the court, which was dismissed. Tired of too many ads? go ad free now One of the accused, Vikram Kothari, has died, while others such as Rahul Kothari, builder Vishwanath Gupta, industrialist Suyash Desari and others have obtained bail orders in their favour from the apex court. The special prosecutor added that both accused have also applied for permission to travel abroad, and the court has reserved its order on that prayer. Speaking with TOI, the special prosecutor stated that the accused had formed a company for mercantile trading. They acquired a letter of credit from a bank, claiming that the company would purchase rice from one country and sell it in another. However, they used the funds for personal gains and only displayed sales and purchases on paper. The corporate ministry detected the nexus and ordered the Serious Fraud Investigation Office to lodge a complaint in the Companies Act court in 2020. Kanpur has the Companies Act court, which is the only one in Uttar Pradesh.

Six firms booked for cheating medical device company of 2.23cr
Six firms booked for cheating medical device company of 2.23cr

Time of India

time20 minutes ago

  • Time of India

Six firms booked for cheating medical device company of 2.23cr

Surat: Vesu police have registered a case of cheating against the proprietors of six firms from various states for allegedly duping a Surat-based medical device manufacturing company of Rs 2.23 crore. The case was filed following a complaint by Chintan Kapadiya, director of Envision Scientific Pvt Ltd. According to the complaint, Envision Scientific and its associate company, Concept Medical Research Pvt Ltd, supplied medical devices to the six accused firms over the past seven years. Despite repeated notices, emails and payment reminders, the firms allegedly failed to clear their dues. The companies named in the FIR include: Sakshi Enterprise (Raipur, Chhattisgarh), Bright Cardio Care (Perambalur, Tamil Nadu), SVR Medical Technologies (Thane), Meditree Health Solutions (Hyderabad), Hindustan Enterprises (Ranchi), Infinite Medical Solutions (Mumbai). The products supplied included a range of medical devices such as Albuminous, Mitigator, Nostrum and MagicTouch, among others. Kapadiya stated that both Envision Scientific and Concept Medical, which also operates a manufacturing unit in the Sachin industrial area, have faced continuous delays and non-payment from these firms, despite fulfilling all delivery obligations. Vesu police have booked all six firms under relevant sections of the IPC for cheating and initiated an investigation into the matter.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store