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Britannia Industries share price rises 10% ahead of interim dividend announcement

.Share price of Britannia Industries rose 9.86% or Rs 291 to Rs 3,243 compared to the previous close of Rs 2,952 on BSE

twitter-logoBusinessToday.In | April 24, 2020 | Updated 10:01 IST
Britannia Industries share price rises 10% ahead of Q4 earnings
Britannia stock is trading higher than its 5 day, 20 day, 50 day, 100 day and 200-day moving averages

Britannia Industries share price was trading higher today as the FMCG firm was set to announce interim dividend for FY19-20 later in the day. Share price of Britannia Industries rose 9.86% or Rs 291 to Rs 3,243 compared to the previous close of Rs 2,952 on BSE. The large cap stock has gained 9.11% in last three days.

Britannia stock is trading higher than its 5 day, 20 day, 50 day, 100 day and 200-day moving averages.

It has gained1.31% since the beginning of this year and risen 2.39% during the last one year.

The stock has gained 43.76% during last one month.

Total 0.55 lakh shares changed hands amounting to turnover of Rs 17.24 crore on BSE.

Market cap of the firm rose to Rs 73,963 crore.

In Q3 of last fiscal, biscuits and bakery products maker Britannia Industries posted a 23.26 per cent rise in consolidated net profit at Rs 369.88 crore in the thirdquarter ended December 2019. The company reported a consolidated net profit of Rs 300.07 crore in the same quarter of last fiscal.

Revenue from operations during the third quarter stood at Rs 2,982.68 crore compared with Rs 2,842.44 crore in the year-ago period.

Axis Securities has given a target of Rs 3,114, an upside of 10% in a time span of 6-9 months.

The brokerage in a report said, "Resilient and diverse product portfolio catering to essential needs and also offering value added products to its consumers ensures. Britannia is insulated to certain extent from coronavirus like pandemic. Further, pressure on cash flows for regional/local players could open up opportunities for the company to gain market share and thereby narrow gap with No. 1 player.

Its strong inmarket execution capabilities and focus on driving premiumization (though it has been pushed by another 1-2 quarters owing to coronavirus pandemic)are key growth drivers from a long term perspective."

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