United Breweries, Godrej Consumer Products (GCPL), Emami, Marico, Britannia Industries, GlaxoSmithKline Consumer Healthcare, Colgate Palmolive (India), Hindustan Unilever and Jubilant FoodWorks were up between 1%-7% on the National Stock Exchange (NSE).
At 1243 hours, CNX FMCG index was up 1.5% or 297 points at 20,052 as compared to 0.15% rise in the CNX Nifty.
GCPL up 4% at Rs 1,250 and hit a record high of Rs 1,263 on the NSE in intra-day trade. In past one-month, the stock has risen 14% as compared to less than 1% rise in the benchmark index after reported a good set of numbers for the quarter ended March 31, 2015.
In the post earnings call, GCPL management reiterated their focus on enhancing revenue and margin growth in the coming quarters.
Analysts at JP Morgan, ‘overweight’ on the stock with a target price of Rs 1,330.
“Higher revenue growth led by various initiatives to deepen distribution reach/ new product launches and significant focus on margin enhancement (aided by raw materials tailwinds, cost rationalization and improved mix) should support 24% EPS CAGR over FY15- 17E, we estimate,” analysts said in report dated April 29, 2015.
Emami (up 4% at Rs 1,167) and Jubilant FoodWorks (2% at Rs 1,877) too touched their respective record highs on the NSE.
United Breweries, the largest gainer among the CNX FMCG index, was up 7% at Rs 945, while Britannia Industries, Marico and Colgate Palmolive (India) were up 2% each. .