Emami shares surge around 3% on FTSE upgrade, bullish HSBC report

Share price of Emami jumped around 3 per cent to Rs 1252.65 on Thursday on reports that FTSE upgrades Emami to the midcap segment of the FTSE global equity index series coupled with HSBC on Monday initiated coverage of Emami Stocks with a “buy” rating.

The share price of the company jumped 3.5 per cent at Rs 1217.30 on Wednesday.

HSBC believes Emami shares can touch Rs 1,500. Says Emami’s core brands Navratna, Zandu, Fair & Handsome and Boroplus dominate their market segments; growth story isn’t fully priced into the stock.
Adds Emami trades at 8 per cent discount to industry leader Hindustan Unilever.

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According to Eikon data, out of 26 analysts covering the stock, 5 have a strong buy, 7 have a buy, 9 have a hold and 5 have a sell rating on the Emami stocks.

(With inputs from Reuters)