Emami moves higher on foreign broker rating

Emami was up 1.89% to Rs 1,055.15 at 14:27 IST on BSE on reports a foreign broker has maintained outperform on the stock with target price of Rs 1,260.

Meanwhile, the S&P BSE Sensex was up 179.35 points or 0.54% at 33,176.11.

On the BSE, 9,635 shares were traded on the counter so far as against the average daily volumes of 6,234 shares in the past one quarter. The stock had hit a high of Rs 1,067 and a low of Rs 1,040 so far during the day. The stock had hit a record high of Rs 1,428 on 10 January 2018 and a 52-week low of Rs 1,000 on 21 April 2017.

The large-cap company has equity capital of Rs 22.70 crore. Face value per share is Rs 1.

The foreign broker said that the company is overcoming its distribution challenges. Its wholesale channel is stabilised. Emami's margins are not a major concern for now, it reportedly said. The company is focusing on double-digit volume growth through a combination of existing and new products.

On a consolidated basis, Emami's net profit rose 9.6% to Rs 147.08 crore on 6% growth in net sales to Rs 756.64 crore in Q3 December 2017 over Q3 December 2016.

Emami is a fast moving consumer goods company.

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