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This Stock Shrugg Off Covid 19 Blues And Hit 52-Week High

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Yes! Stock of Britannia Industries has not been dismayed by the coronavirus outbreak and on June 2, 2020 hit a 52-week high price of Rs. 3479.55 per share on the BSE.

Notably as per a Indianretailer.com report in April, biscuits have been the largest consumer segment and have accounted for 72% sales in the baking industry.

This Stock Shrugg Off Covid 19 Blues And Hit 52-Week High
 

Also, at a time when there was low-ticket demand amid the pandemic, the stock has managed to deliver and remained a multibagger.

Prospect of Britannia Industries stock going ahead

Given the way the consumers resorted to panic buying and hoarding in the packaged food segment, the future holds promising for the stock.

Also, the company has 12 ' strong buy calls', 9 'buy' 9 'hold' and 5 'sell' ratings.

Lately, Philips Capital maintained a buy call on the counter with a target price of Rs. 3550.

We expect Britannia to deliver superior performance (14 per cent EPS growth CAGR over FY19-22) vs. FMCG peers due to its higher earnings resilience (as biscuits is a low-ticket segment with characteristics of essential products) and lower share (around 5 per cent of revenue) coming from international operations," Philip Capital said in a note

Also, the strength in the stock is indicative of the fact that growth will return with the relaxations allowed.

GoodReturns.in

Read more about: britannia industries
Story first published: Wednesday, June 3, 2020, 5:43 [IST]
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