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Chola Securities
Marico (Buy)
CMP: ₹360
Target: ₹450-480
Marico is one of India’s leading consumer products companies operating in the beauty and wellness space. Currently present in 25 countries and nurtured multiple brands in the categories of hair care, skin care, edible oils, health foods, male grooming, and fabric care. Marico’s India business markets household brands such as Parachute, Parachute Advansed, Saffola, Hair & Care, Nihar, Nihar Naturals, Livon, Set Wet, Mediker and Revive.
Market share: Coconut oils (59 per cent), Saffola — Supreme premium refined oils in consumer packs (69 per cent), value added hair oils(VAHO) (34 per cent), post wash leave on serums (82 per cent), hair creams/ gel (63 per cent), saffola oats(28 per cent).
Technical rationale: a) Stock is in long-term uptrend from ₹250 levels b) In short term it corrected from ₹390 levels and got support at ₹290; c)We expect in short term price will continue its long-term uptrend towards 161.8 per cent Fibonacci at ₹450 levels; d) ₹290 levels will hold as medium-term support; e) Buy at ₹360 levels for a target of ₹450-480 levels with ₹320 as stop-loss.
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