Emami, ITC lead gains in Nifty FMCG

Shares of ITC gained after a global brokerage house maintained its stance on the stock and raised its price target to Rs400 from Rs390 earlier.

Jan 11, 2019 06:01 IST India Infoline News Service

FMCG stocks
The Nifty FMCG index was trading slightly higher (up 0.4%) on Friday in a rangebound market.

Shares of Emami were up 3% and led the gains on the index while those of ITC and Britannia were also trading 1% higher each. Jubilant Foodworks and United Spirits were also trading in the green.

On the flip side, Marico, Colgate, Godrej Consumer Products, Dabur, and Hindustan Unilever were trading in the negative zone.

Shares of ITC gained 1% after global brokerage house CLSA maintained its "Buy" call on the stock and raised its price target to Rs400 from Rs390 earlier after taxes on tobacco were left unchanged.

Shares of Eveready Industries India soared 14% on the BSE in morning trade after a media report said that BM Khaitan's Williamson Magor is planning to sell its stake in the company.

Meanwhile, equity benchmark indices were trading lower with the Sensex down 67 points at 36,039 and the Nifty down 15 points at 10,803.

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