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Dabur India shares hit a record high on strong Q4 profit. The consumer goods company stock jumped as much as 2.9 per cent to Rs 379.95, a record high.
The company had said on Tuesday that its Q4 profit rose 19 per cent to Rs 396 crore ($59.36 million).
According to JP Morgan analysts, the results support optimism of business turnaround with management's increasing its focus on rebuilding top-line growth and growth coming back for overseas operations. JPM has rated the stock as 'overweight' with a price target of Rs 390.
“If competitive intensity continues to be high in food segment, Dabur could defend market share with higher promotions,’’ says Macquarie.
About 24 of 37 brokerages have rated the stock “buy” or higher, eight “hold” and five “sell” or lower; their median price target is Rs 390, according to Thomson Reuters Eikon data.
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