CRISIL has reaffirmed 'AAA/Stable/A1+' ratings on the bank facilities and debt programmes of Asian Paints. The ratings continue to reflect Asian Paints' leadership position in the domestic paints sector, healthy operating margin, and robust financial risk profile marked by healthy capital structure and surplus liquidity.

These rating strengths are partially offset by Asian Paints' susceptibility to volatility in raw material prices.

CRISIL believes that Asian Paints will maintain its dominant position in the domestic paints industry, and its healthy operating margin and robust financial risk profile over the medium term. Any steep decline in Asian Paints' operating margin or market share in the domestic paints industry, or large debt-funded acquisitions, which may impact the company's financial risk profile, may result in the outlook being revised to 'Negative'.

Shares of the company gained Rs 43.05, or 7.97%, to trade at Rs 583.50. The total volume of shares traded was 36,207 at the BSE (2.37 p.m., Wednesday).