Asian Paints shares surged over 8 per cent intraday on Thursday following strong performance in its first quarterly results. The company's consolidated net profit impressively grew 18.46 per cent at Rs 552.56 for the first quarter ended June 30, 2016 as compared to net profit of Rs 466.42 crore in the same period of previous fiscal. Brokerage House Religare Securities said, " Asian paints reported strong set of numbers for first quarter of financial year 2017." The company's total income from operations stood at Rs 4,082.08 crore in the quarter under review, up 10.23 per cent against Rs 3,703.04 crore in the corresponding quarter last fiscal. At 10.06 am, the scrip of the company was trading 7.53 per cent up at Rs 1141.75. The share price opened at Rs 1072.00 and has touched a high and low of Rs 1152.65 and Rs 1067.25, respectively, in trade so far. Sensex was trading 85.10 points up at 28,109.43. Religare Securities furrther added that "Although Asian Paints numbers are impressive, especially in the given demand environment, the valuations are extremely rich." Asian Paints MD and CEO KBS Anand said,"the decorative business segment in India registered a double digit growth in the quarter.lower raw material prices led to improved margins.Our international business performed\u00a0well, aided by good growth in markets like Nepal, the UAE and Fiji." While speaking to CNBC TV18, Anand said he is hopeful of double-digit volume growth gowing forward with good monsoon and 7th pay commission to aid growth. Brokerage houses like Deutsche Bank have 'Hold' rating on the company's stocks with a target price of Rs 920, while BOFA-ML has 'Buy' rating at target price of Rs 1,170, citing optimistic management commentary. While retaining 'Sell' rating, CLSA said growth priced in at 48 times price-to-earnings ratio. Japanese brokerage firm Nomura has maintained a 'Reduce' rating on the stocks with a target price of Rs 771, saying results stood below in terms of revenue and volume growth, however, operating profit and net profit remained above estimates. Later, the scrip closed 6.14 per cent up at Rs 1,126.95.