Indigo Paints announced the resignation of Ravi Shankar Venkataraman Ganapathy Agraharam (DIN: 02604007), Alternate Director with effect from 10 February 2023.

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Indigo Paints will hold a meeting of the Board of Directors of the Company on 10 February 2023.

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Indigo Paints has allotted 19,285 equity shares under ESOP on 11 January 2023. With this allotment, the paid up equity share capital has increased to 4,75,88,282 equity shares of Rs. 10 each aggregating to Rs. 47,58,82,820.

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Shares of Indigo Paints slipped 6.74% in five trading sessions from its previous closing high of Rs 1,436.80 on 11 November 2022. The stock hit its 52-week low of Rs 1,334.45 today. The counter has corrected 42.86% from its 52-week high of Rs 2,345 hit on 18 November 2021.

On the BSE, 4,985 shares were traded in the counter so far compared with average daily volumes of 2.24 lakh shares in the past two weeks.

The stock had underperformed the market over the past one month, declined 8.72% compared with 4.2% rise in the Sensex.

The scrip underperformed the market in past one quarter, fell 11.31% as against Sensex's 1.89% rise.

The counter had also underperformed the market in past one year, tumbled 41.75% as against 3.02% increase in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 34.903. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading below its 50, 100 and 200 days simple moving average (SMA) placed at 1,488.65, 1,486.80 and 1,558.82 respectively. These levels will act as crucial resistance zones in near term.

Indigo Paints offers a wide range of interior & exterior wall paint colours, enamels & wood coatings for homes & offices.

The company's net profit soared 173.7% to Rs 37.09 crore on a 23.7% rise in net sales to Rs 242.61 crore in Q2 FY23 over Q2 FY22.

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