homemarket NewsGodrej Consumer Products hits 52 week high after ICICI Securities upgrades stock to ‘buy’
Godrej Consumer Products hits 52-week high after ICICI Securities upgrades stock to ‘buy’
Godrej Consumer Products Share Price | ICICI Securities has also raised the target price of the FMCG firm to ₹1,260 from ₹1,050 per share earlier.
Brokerage house ICICI Securities has upgraded its rating on Godrej Consumer Products Ltd (GCPL) to "buy", citing potential for double-digit volume growth in the rapidly growing product categories.
The brokerage has also raised the target price of the FMCG firm to ₹1,260 from ₹1,050 per share earlier.
As per the brokerage, to achieve a market-beating UVG, the company has focused on prioritising category development initiatives and aligning strategies with emerging trends.
In its research note, ICICI Securities said that the volume share continues to gain in the soap segment.
After the upgrade by ICICI Securities, shares of Godrej Consumer Products gained nearly 2% to hit a fresh 52-week high of ₹1,114 apiece on BSE in morning trade on Wednesday.
Meanwhile, Motilal Oswal has also maintained a 'buy' rating on Godrej Consumer Products. The brokerage set a target of ₹1,120 per share. Motial Oswal observed that the company's management is confident in the acquired projects.
Earlier in October, Godrej Consumer Products, which owns soap brand Godrej No 1, reduced prices of soaps by 13 to 15 percent amid palm oil and other raw materials turning relatively cheaper.
The integration of acquired brands — Park Avenue and Kamasutra — has been largely finalised.
Previously, Godrej Consumer finalised a deal with Raymond to acquire its FMCG arm Raymond Consumer Care, which operates in personal care, sexual wellness and home care categories with brands like Park Avenue, Kamasutra and KS Spark.
At 10.06am, shares of Godrej Consumer were trading 1.54% higher at ₹1,110.05 apiece on the BSE.
First Published: Dec 27, 2023 12:25 PM IST
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