Authors: TheIndianSubcontinent News AgencyNEW DELHI: FMCG firm Dabur India surged over 3 per cent on Wednesday to hit a record high after its consolidated net profit grew 19 per cent annually for the March quarter.
The stock's lifetime high at Rs 382.30 on the BSE came as profit rose to Rs 396.20 crore for January-March.
It had reported Rs 333.10 crore profit for the same quarter last year.Consolidated revenue from operation rose 6.2 per cent yoy in the March quarter to Rs 2,032.90 crore, from Rs 1,914.70 crore in the year-ago period.Global investment bank JP Morgan has 'overweight' rating on the stock, with a target price of Rs 390, Reuters reported.
"Results support optimism of business turnaround with management's increasing focus on rebuilding top line growth and growth coming back for overseas operations," JP Morgan analysts said.Foreign brokerage firm Macquarie said, "If competitive intensity continues to be high in the food segment, Dabur could defend market share with higher promotions."At 10:34 am, the scrip was trading 2.79 per cent up at Rs 380 on the BSE.