Colgate-Palmolive (India) gains after Gujarat unit starts producing toothpaste

Colgate-Palmolive (India) rose 1.19% to Rs 1,378.50 at 10:50 IST on BSE after the company said its new manufacturing unit in Gujarat started commercial production of toothpaste on 21 May 2014.

The company made the announcement after market hours on Thursday, 22 May 2014.

Meanwhile, the BSE Sensex was up 242.56 points, or 1%, to 24,616.96.

On BSE, so far 5,946 shares were traded in the counter, compared with an average volume of 12,769 shares in the past one quarter.

The stock hit a high of Rs 1,393 and a low of Rs 1,371.10 so far during the day. The stock hit a 52-week high of Rs 1,522.95 on 18 July 2013. The stock hit a 52-week low of Rs 1,190.05 on 28 August 2013.

The stock had underperformed the market over the past one month till 22 May 2014, falling 5.58% compared with 7.10% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 4.14% as against Sensex's 17.75% rise.

The large-cap company has an equity capital of Rs 13.60 crore. Face value per share is Re 1.

Colgate-Palmolive (India) said that the commercial production of toothpaste has commenced on 21 May 2014 at company's new manufacturing facility set up at Sanand, Gujarat. Further, the company has informed that in the month of March 2014 the new manufacturing facility was commissioned and fully tested. In the initial phase, the company intends to manufacture 15,000 MTs toothpaste from this manufacturing facility.

The company will announce Q4 results later today, 23 May 2014. Colgate-Palmolive (India)'s net profit rose 1.6% to Rs 112.83 crore on 15.9% growth in net sales to Rs 883.98 crore in Q3 December 2013 over Q3 December 2012.

Colgate-Palmolive (India) is India's leading provider of scientifically proven oral care products with multiple benefits at various price points. The range includes toothpastes, toothpowder, toothbrushes and mouthwashes under the Colgate brand, as well as a specialized range of dental therapies under the banner of Colgate Oral Pharmaceuticals. These have become an essential part of daily oral hygiene and therapeutic oral care in India. The Company also provides a range of personal care products under the 'Palmolive' brand name.

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