Paint stocks are trading up today. Asian Paints is up 1% and Berger Paints is up 0.4%. Asian Paints has informed BSE that Asian Paints (International) Limited (APIL) a wholly owned subsidiary of the Company has on August 21, 2013, acquired additional 25.72% stake in Berger International Limited, Singapore (BIL), through an off- market transaction. As a result, the shareholding of APIL has increased to 75.82% in BIL. In addition, APIL has also announced its intention to come out with a voluntary unconditional cash offer to acquire the balance 24.18% shares of BIL with an intention to make BIL a wholly owned subsidiary of APIL and delist from Singapore Exchange Securities Trading Limited ("SGX-ST"). BIL is listed on the Singapore Exchange Limited and is an indirect subsidiary of the Company. Asian Paints believes the delisting of Berger will provide greater flexibility to manage, develop and optimise the use of the management and capital resources and facilitate the implementation of any operational change. Asian Paints has said that it had no present intention to make any major changes to the businesses of Berger.
Auto stocks are trading mixed today. Tata motors and Mah. Scooters are leading the gainers; while Maruti Suzuki and Mahindra & Mahindra Ltd. (M&M) are leading the losers. Maruti launched a compact car- Stingray which is priced between Rs 4.1 lakh and Rs 4.7 lakh which is ex-showroom price. The new model is expected to cost Rs 20,000 more than their existing WagonR. Maruti is aiming at cashing on the festive season and attract young customers. Stingray has a 998 cc petrol engine and is available in three variants. The company will soon come out with a CNG model. Maruti is trading down 3.5% today.