Marico share price hits 52-week high as ICICI Securities upgrades stock, sees 19% upside
Marico share price jumped nearly 6% to touch 52-week on Tuesday's trading session after domestic brokerage ICICI Securities upgraded Marico stock with a 'buy' rating from a 'add' rating and saw a possible upside 19% from Friday's close price of ₹562. Marico share price today opened at ₹570.05 on BSE, and touched an intraday high of ₹595, and low of ₹567.30. At 12:22 IST, Marico shares were trading over 3% higher at ₹580.65 apiece.
ICICI Securites has also revised Marico share price target to ₹670 from ₹610, up 9.9%. In its analysis, the brokerage stated the following views after meeting with Saugata Gupta, MD & CEO of Marico. The main points from the conversation were that Marico aims for medium-term volume growth of roughly 8% (as compared to revenue growth of 8% in FY2013-2023).
The brokerage stated that it valued the company's driveto expand more quickly while maintaining its current market share. The brokerage projected that volume growth for Parachute Coconut Oil (PCNO) would be aided by stable copra prices and a recovery in rural consumption. Also Read: Marico Q1 Results: Consolidated PAT up 15% to ₹436 crore, revenue slips 3% The brokerage said that the level of competition in the value-added hair oil market at the bottom of the pyramid (BOP) has stabilised.
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