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Marico shares surge by 13 percent
By siliconindia
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Tuesday, 07 July 2009, 23:40 IST
Bangalore: Marico (MARICO) finished among the top gainers by going up by 12.68 percent to end at Rs 80.40 on a volatile day in the post-budget market. The stock opened the day at Rs 73 and went up in the day to reach the 52 week high of Rs 82.70. A total of 771,630 Marico shares were traded through the day that has a P/E ratio of 25.94. The 52 week stock price chart is on the left
Marico is a fast moving consumer goods (FMCG) company focusing on three business segments viz. consumer products, skin care and global ayurvedics. The BSE FMCG index has gained smartly in today's trade with Marico leading the way. The government's decision to abolish the Fringe Benefit Tax (FBT) and no reversal in excise duty cuts has gone down well with the investors. The sector has also benefitted on hopes of implementation of Goods Service Tax from next year. Other FMCG stocks like ITC went up by 6.77 percent and Britannia has surged by 4.41 percent.
Of the 22 analysts following the stock, the consensus recommendation is outperform, while 11 analysts recommend to buy the stock. Birla Sun Life India GenNext Fund holds the highest number of Marico shares with a total holding of 486,090 shares.