The company made this announcement after market hours on Tuesday, 24 July 2012.
Meanwhile, the BSE Sensex was down 149.62 points or 0.88% to 16,768.46.
On BSE, 72,000 shares were traded in the counter as against average daily volume of 41,746 shares in the past one quarter.
The stock hit a high of Rs 172.75 and a low of Rs 164 so far during the day.
The stock had outperformed the market over the past one month till 24 July 2012, falling 0.15% compared with the Sensex's 0.32% fall. The scrip had, however, underperformed the market in past one quarter, sliding 5.79% as against Sensex's 1.68% fall.
Pidilite Industries said it has entered into a joint venture (JV) agreement with Hybrid Coatings for manufacture of construction chemicals and to establish a JV company in India for this purpose.
Hybrid Coatings is a partnership firm. The JV proposes to carry on business in India, South East Asia and SAARC countries or such other locations as may be decided, Pidilite said. The initial contribution by the JV company is not likely to exceed Rs 3 crore, Pidilite added.
Pidilite Industries' consolidated net profit rose 22.4% to Rs 128.02 crore on 18.1% growth in net sales to Rs 997.80 crore in Q1 June 2012 over Q1 June 2011. The company announced the results during market hours on Tuesday, 24 July 2012. The stock had risen 2.09% to settle at Rs 162.90 on Tuesday, 24 July 2012.
Pidilite Industries is the largest adhesive manufacturer in India. It also has world wide presence in adhesives, art material and industrial chemicals.