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Britannia Industries Continues To Trade Strong Despite Weak Market: Here's Why
Shares of Britannia Industries continue to gain for the second day even as the overall market is weak. This is after the FMCG major announced an interim dividend of Rs. 35 per share for the FY 2019-20.
On the NSE, the stock rose by as much as 3.4% to day's high of Rs. 3049.95 per share against its previous close of Rs. 2947.40 per share.
In the last one month post the huge sell-off the stock has recovered by close to 27%.
For the quarter ended March, brokerages expect one-digit growth in profit as there has been seen demand sluggishness amid Covid 19 and increase in input prices.
In the previous quarter, the company reported a 23.26% rise in consolidated net profit at Rs. 369.88 crore.
The brokerage firm sees an upside of 10% in the stock price of Britannia in 6-9 months and provided a target price of Rs. 3114 per share.
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