The firm says the FMCG major may report acceleration in domestic volume growth.
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Shares of FMCG major Godrej Consumer Products gained over 2 percent intraday on September 17 after global research firm Morgan Stanley maintained an overweight call on the stock with target at Rs 860 per share.
The research firm is of the view that the share price will rise relative to the FMCG index over the next 30 days. The firm believes that Godrej Consumer may report acceleration in domestic volume growth, adding that Indonesia and Africa margins may expand, driven by initiatives.
Morgan Stanley has rated the company as the top pick in its coverage. The stock has seen a steady rise in the last 15 days, gaining 15 percent.
The Nifty FMCG was trading in the green intraday, with Godrej Consumer being the top gainer.
At 1002 hours, Godrej Consumer Products was quoting at Rs 648.20, up Rs 10.40, or 1.63 percent. It has touched an intraday high of Rs 652.00 and an intraday low of Rs 642.20.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Sep 17, 2019 10:15 am
