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Dabur India shares rise after CLSA retains buy call

Dabur's FY20 annual report highlights its organisational transformation adding that traction in its profitable businesses keeps a positive outlook on the stock adding that RoE and working capital days have scope for improvement.

August 26, 2020 / 09:50 AM IST
 
 
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Dabur India share price gained over a percent intraday on August 26 after global research firm CLSA retained buy rating on the stock.

CLSA has maintained a buy call on the stock with target at Rs 590 per share. It is of the view that the company has strengthening fundamentals but the balance sheet needs optimisation, according to a CNBC-TV18 report.

Dabur's FY20 annual report highlights its organisational transformation adding that traction in its profitable businesses keeps a positive outlook on the stock adding that RoE and working capital days have scope for improvement.

The stock price was trading at Rs 498.60, up Rs 6.45, or 1.31 percent. It has touched an intraday high of Rs 502.00 and an intraday low of Rs 494.10.

The FMCG company reported a net profit of Rs 341.8 crore for the quarter ended June 2020, registering a 5.9 percent YoY decline as lockdown dented its business.

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Revenue from operations for the quarter stood at Rs 1,980 crore, down 12.9 percent, compared to Rs 2,273.3 crore reported in the corresponding period last year. Domestic volume declined by 9.7 percent for April-June period 2020 but was ahead of the CNBC-TV18 analysts' estimates of 14-15 percent decline.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, is of the view that for the bulls, Rs 500 would be an important breakout level to watch. "We can expect quick uptrend rally towards Rs 518," he said.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Aug 26, 2020 09:50 am

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