Paints maker Kansai Nerolac has decided to sell a 15.86-acre land in Perungudi, Chennai for Rs 550 crore to Brigade Enterprises or a special purpose vehicle. The firm will use proceeds from the sale to invest in a plant it is setting up in Gujarat, he added. MD HM Bharuka sounded optimistic about business for paints makers, saying the industry was in a sweet spot and added he expected “good growth over the next 20 years”.
All sectoral indices ended lower, with BSE Realty index emerging as the top loser down 2.2% followed by the IT and Metal indices among others.Metal companies witnessed profit taking to end lower yesterday. Hindalco Industries, Tata Steel, Vedanta and Jindal Steel ended down 0.8-4.6% down. Banking shares ended mixed. SBI, Axis Bank and HDFC Bank ended down 0.7-2.1% each, while ICICI Bank ended flat and HDFC ended with marginal gains….
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