Godrej Consumer jumps after brokerage maintains overweight call

Godrej Consumer Products rose 3.26% to Rs 658.60 after a foreign brokerage firm reportedly maintained an overweight call on the stock with target at Rs 860 per share.

According to reports, the brokerage firm believes that Godrej Consumer may report acceleration in domestic volume growth, adding that Indonesia and Africa margins may expand, driven by initiatives.

Shares of Godrej Consumer Products have added 12.88% in the eight trading session to its current market price of Rs 358.60 from its close of Rs 583.45 on 4 September 2019.

Meanwhile, the S&P BSE Sensex was down 256 points or 0.69% to 36,867.14. The S&P BSE FMCG index was up 1.79 points or 0.02% to 10,954.06.

On the BSE, 41456 shares were traded in the counter so far compared with average daily volumes of 98388 shares in the past one quarter. The stock hit a high of Rs 662 and a low of Rs 642.2 so far during the day.

The stock hit a 52-week high of Rs 877.70 on 18 Sep 2018. The stock hit a 52-week low of Rs 577 on 04 Sep 2019.

On a consolidated basis, Godrej Consumer Products' net profit declined 0.6% to Rs 407.38 crore on a 4.9% fall in the net sales to Rs 2330.59 crore in Q1 June 2019 over Q1 June 2018.

Godrej Consumer Products, a consumer goods company, manufactures products such as soap, hair colourants, toiletries and liquid detergents.

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