Accumulate Marico for target of Rs 66: Angel
In its result preview note on FMCG major Marico, Angel Broking has recommended investors to accumulate the stock for a target price of Rs 66 per share.
By ET Bureau |
MUMBAI: In its result preview note on FMCG major Marico, Angel Broking has recommended investors to accumulate the stock for a target price of Rs 66 per share.
���For 4QFY2009, Marico is expected to post growth of 21.2% and 30.9% in consolidated net sales and net profit to Rs 567crore and Rs 39.5crore respectively, aided by steady performance across brands and new product launches. On the operating front, margins are expected to expand by 101bp to 10.8% owing to the fall in prices of key raw materials ie. copra and safflower oil by 15-20%. Following the recent run up in the stock price, we recommend an Accumulate on Marico with a target price of Rs 66,��� the note said.
At 12:30 pm, shares of Marico were up 1.26 per cent at Rs 64.50 on the BSE.
���For 4QFY2009, Marico is expected to post growth of 21.2% and 30.9% in consolidated net sales and net profit to Rs 567crore and Rs 39.5crore respectively, aided by steady performance across brands and new product launches. On the operating front, margins are expected to expand by 101bp to 10.8% owing to the fall in prices of key raw materials ie. copra and safflower oil by 15-20%. Following the recent run up in the stock price, we recommend an Accumulate on Marico with a target price of Rs 66,��� the note said.
At 12:30 pm, shares of Marico were up 1.26 per cent at Rs 64.50 on the BSE.
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