Colgate-Palmolive (India) bounces after resumption of operations

Colgate-Palmolive (India) snapped four-day losing streak after the oral health and hygiene products maker said it has been allowed to resume operations at reduced capacity at all of its manufacturing plants.

Colgate-Palmolive (India) gained 0.68% to Rs 1391.8, ending its four days losing the streak. The stock lost 11.14% in last four trading sessions from its previous closing high of Rs 1555.70 posted on 27 April 2020.

The company on Monday, 4 May announced that few plants are facing challenges of inter-districts and inter-state movement of labour and unavailability of labour for loading/unloading.

The company added that supply chain and distribution network has seen some improvement with e-passes being issued by local governments but continue to face staff and labour unavailability for shipment and delivery of goods.

Colgate-Palmolive (India) further added that it is working with Suraksha Store initiative of the Central Government to ensure hygiene and safety practices to be adopted by retail stores in allocated geographies thus making those stores a safer place to shop by consumers. This will ensure supply of vital and essential oral health and hygiene product

Colgate-Palmolive (India) is engaged in the personal care and oral care business. On a standalone basis, net profit rose 3.64% to Rs 199.10 crore in Q3 December 2019 as against Rs 192.10 crore reported in Q3 December 2018.

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