Emami Investors Have Gained 37% Since October 2020

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Emami Investors Have Gained 37% Since October 2020
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Shareholders of Kolkata-based FMCG major, Emami Ltd (NS: EMAM ), have seen a strong appreciation in their investment from October 1, 2020, when the stock was trading at Rs 351 to today’s closing price of Rs 483.55. Multiple brokerages had given Emami price targets since then and the company’s stock has beaten them all.

ICICI Securities Ltd (NS: ICCI ) had given Emami a target of Rs 400 in September and then had revised it upwards to Rs 420 in November. Motilal Oswal Financial Services Ltd (NS: MOFS ) had given a target of Rs 440 in November and IIFL had given it a target of Rs 470 a week back.

Analysts expect the company to report good numbers for Q3 FY 2021, and that could be a reason for the rally. The rally could also be as a result of the promoters’ pledged holding coming down in the September quarter. Around 72% of the promoters’ shares were pledged in September 2019 and the number came down to 38% in September 2020.

A report in The Hindu BusinessLine said that the company is “strategic investments” across the digital space. It wants to strengthen its presence in premium and niche segments and has set aside Rs 100 crore for the same.

Sharekhan has a target of Rs 510 for the stock. 

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