Marico share rises over 3% after firm posts double-digit volume growth in Q3

Marico share rose over 3% in trade today after the firm said its India business saw double-digit volume growth in the third quarter, and that it was maintaining an optimistic outlook for the rest of the year. Marico share has risen 3.62% in the last 2 days.

The stock touched an intraday high of Rs 419.25, rising 3.06% against previous close of Rs 406.80 on BSE. Marico share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Marico share has risen 24.54% in one year and gained 3.62% since the beginning of this year.

Later, the share ended 2.50% higher at Rs 416.95 on BSE. Market cap of the firm rose to Rs 53,368 crore on BSE.  Total 2.13 lakh shares changed hands on BSE.

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Indian business posted a double-digit volume growth while revenue growth was at par with volume expansion. In an investor update on BSE, the firm said it witnessed strong performance across its portfolio with general trade continuing to grow healthily and rural markets staying ahead of urban.

"In the new age channels, while e-commerce continued the stellar run, modern trade after a soft first half, fared better in Q3. CSD continued to decline, albeit improving sequentially."

"The company maintains an optimistic outlook for the rest of the year provided the Covid and the economic situation continues to improve. The company remains steadfast in its medium-term aspiration of delivering sustainable and profitable volume led growth, building on strong brand equity across core franchisees and progressively driving and scaling up new engines of growth," the company statement said.

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