Kansai Nerolac Paints shares surged over 4% in early trade after the business permitted land sale in Kavesar, Thane, to Shoden Developers. The prearranged sale of the land measuring 96,180 sqm is set to earn the firm a complete sum of Rs 655 crore.

After receiving the compulsory approvals, the company also permitted the sale of supplementary land in Kavesar, measuring 910 sqm, taking the total land up for sale to 97,090 sqm. The sale of the supplementary land will also raise the entire consideration to Rs 671 crore.

At 9:27 am, Kansai Nerolac Paints shares were trading 3.8% higher at Rs 467.80 on the National Stock Exchange.
Meanwhile, a recent fall in Brent crude prices has also assisted sentiment for paint manufacturers counting Kansai Nerolac. As paint companies used crude-based offshoots as raw materials, a softening of oil prices eased their input costs and lifted margins.

Aided by the same, Kansai Nerolac shares rose over 6% in the past month.
The paint manufacturer also permitted a one-for-two bonus issue of equity shares in May, the record date for which is due July 5.