After acquiring a 60% stake by JK Paints & Coatings (JKPCL) wholly owned subsidiary Acro Paints (APL) at the first tranche of Rs 153 crore, JK Cement rose 1.19% to Rs 2,906.85.

From May 18, 1989, APL was incorporated and engaged in manufacturing paints and construction chemicals for financial turnover for 2021-2022 was Rs 72.05 crore.

JKPCL is a subsidiary of APL and a step-down subsidiary of the company. The transaction is expected to be completed within one year.

The cement company is to manufacture and sells cement and cement-related products. On a consolidated basis, the net profit slipped at 25.7% to Rs 112.38 crore despite a 17.6% jump in net sales to Rs 2,227.95 crore in the July-September quarter of FY23 over the July-September quarter of FY22.