Shares of Marico today settled with gains of over 4 per cent after the FMCG major reported strong financial results for the third quarter of 2017-18. During the day, stock of the company opened on a bullish note at Rs 303.55 and rallied further to touch an intra-day high of Rs 311.95 on the BSE, up 4.68 per cent over its previous closing price. At the end of today's trading, the stock was quoted at Rs 310.90, up 4.33 per cent on the BSE. Similar movement was seen on the NSE, where the stock opened at Rs 306.70, then touched an intra-day high of Rs 311.65 and ended at Rs 309.60, up 4.17 per cent over its previous closing price. The company, on February 9, reported a 16.51 per cent increase in its consolidated net profit at Rs 223.28 crore for the quarter ended December 2017 on account of higher income led by market share gains. It had posted a net profit of Rs 191.64 crore during the October-December quarter of the previous fiscal. Marico said India business posted a healthy volume growth of 9.4 per cent while the international business grew by 9 per cent in constant currency terms. "We had a stable quarter marked by healthy growth in most franchises with a sustained momentum in offtake growth and market share gains," Marico Ltd MD and CEO Saugata Gupta said. He said, the company is witnessing early signs of revival in consumer sentiment, especially in rural areas.
Marico stock settles up 4 pc on strong Q3 results
Press Trust of India |