Marico up on Budget's rural push

The Marico scrip rose 12.7 per cent to Rs 80.4 on the hope that the Union Budget’s rural thrust would drive up demand for consumer goods.

The government move to hike allocation for the National Rural Employment Guarantee Scheme to Rs 39,100 crore (an increase of 144 per cent) could ensure higher disposable incomes in rural India.

Experts believe abolishment of fringe benefit tax will add 1-1.5 per cent to earnings of most FMCG companies. The stock made an intra-day high of Rs 82.7 and a low of Rs 73.

Total traded volumes were 770,000 shares.