The shares of Dabur India (NS: DABU ) Ltd opened at Rs 559 on Tuesday and gained approximately 6 per cent to trade at Rs 590 levels. The stock is currently trading near its 52-week high of Rs 602.50 which it reached in August this year.
Last month, the company acquired a 51 per cent stake in Badshah Masala for a cash consideration of Rs 587.5 crore. The acquisition is expected to be completed before March 31, 2023.
The stock gained overnight after its Chairman, Mohit Burman said in an exclusive interview with Business Today TV that the FMCG major is aiming to double its turnover in the next three years and become a national player in the spices business.
The Indian spices market had reached a size worth Rs 1,42,569 Crores in FY21. Further, IMARC Group expects the market to reach Rs 2,70,928 Crores by FY27, a CAGR of 11.15%.
Dabur India is one of the leading fast-moving consumer goods (FMCG) players dealing in consumer care and food products. In addition to that, Dabur stands as India’s most trusted name and the world’s largest Ayurvedic and Natural Health Care Company with a portfolio of over 250 Herbal/Ayurvedic products.
In Q2FY23, the company reported a total revenue of Rs 2,986 crore which increased marginally from Rs 2,817 crore Year on Year (YoY) and from Rs 2,822 crore Quarter on Quarter (QoQ).
Their net profit in the quarter stood at Rs 491 crore which declined from Rs 505 crore in Q2FY22. However, compared on a QoQ basis, their profits increased from Rs 441 crore.
The company has a market capitalization of Rs 1,04,463 crore and a dividend yield of 0.88% as on November 29th, 2022.
The promoters hold a 67.24 per cent stake in the company with zero shares pledged. Foreign Institutional Investors (FIIs) hold a 20.24 per cent stake in the company.
Written by Anoushka Roy
The post FMCG Stock gains 6% as it plans to become national player in spice industry appeared first on Trade Brains.
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