Buy Marico, target price Rs 670: Choice Equity Broking

Choice Equity Broking Private has buy call on Marico with a target price of Rs 670. The current market price of Marico is Rs 587.25. Time period given by analyst is Long Term when Marico price can reach defined target.

Marico, incorporated in the year 1988, is a Large Cap company (having a market cap of Rs 75767.26 Crore) operating in FMCG sector.

Marico key Products/Revenue Segments include Edible Oil, Others, Personal Care, Export Incentives, Scrap for the year ending 31-Mar-2022.

Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 2523.00 Crore, up 9.32 % from last quarter Total Income of Rs 2308.00 Crore and down -2.02 % from last year same quarter Total Income of Rs 2575.00 Crore. Company has reported net profit after tax of Rs 436.00 Crore in latest quarter.

Investment Rationale
MARICO has formed a double bottom pattern on the weekly timeframe. This pattern is often seen as a reversal signal, suggesting that the stock may be poised for an upward price movement. Key technical indicators also support this bullish outlook. The Relative Strength Index (RSI) is currently above 64, indicating that the stock is in a favorable bullish zone. Additionally, the Stochastic RSI has shown a positive crossover, which is another bullish signal.

Promoter/FII Holdings
Promoters held 59.42 per cent stake in the company as of 30-Jun-2023, while FIIs owned 24.96 per cent, DIIs 10.2 per cent.