Britannia Industries shares were trading in the positive territory with a growth of 1.38 per cent at Rs 3,725.70 apiece, as compared to a 0.58 per cent decline in the benchmark S&P BSE Sensex
Britannia Industries share price hit a fresh 52-week high of Rs 3,746.35 apiece on BSE with a gain of 2 per cent on Friday, taking the total market cap of the company to Rs 90,019.23 crore. Britannia Industries stock price has rallied a whopping 78 per cent in less than four months from Rs 2,100.5 level. In a recent update, the company has informed that the board of directors of the company will meet on July 17, 2020, to consider and approve the April-June quarter results of the current fiscal. Brokerage firms are upbeat on Britannia Industries stock, despite weak consumer sentiment. The research and brokerage firm Nirmal Bang expects Britannia Industries to deliver a strong performance, which will be ahead of its peers.
“In the medium term, we remain positive on consumer staple companies, which are market leaders with pricing power, have shown agility in on-ground execution, have decent rural exposure, have higher direct reach in traditional channel and have built diversified portfolio along with a presence in products/categories to help leverage new-age distribution channels,” said Nirmal Bang. Analysts also believe that government stimulus and an increase in MGNREGA allocation of Rs 40,000 crore could provide more job opportunities for rural migrants.
Around 11.10 AM, Britannia Industries shares were trading in the positive territory with a growth of 1.38 per cent at Rs 3,725.70 apiece, as compared to a 0.58 per cent decline in the benchmark S&P BSE Sensex. Elara Capital in its research report said that Britannia Industries will witness growth, led by the faster ramp-up of operations, wide distribution network and heightened demand for products.
Brokerage firm Angel Broking has given an ‘accumulate’ rating to the stock, with a target price of Rs 3,920 apiece, an upside of 6.7 per cent from yesterday’s close. “Britannia Industries has an overall distribution reach of 5.5 million outlets. It has narrowed the gap with the No 1 player. The gap with the largest distributed brand is now just 0.8 million outlets which it expects to bridge soon and thereby become the largest player over the medium to long term,” it said.