This Article is From Jul 21, 2020

Britannia Shares Drop Over 2% After Hitting Record High

Britannia Shares: Last week, Britannia Industries said its net profit more than doubled to Rs 545.70 crore in the quarter ended June 30.

Britannia Shares Drop Over 2% After Hitting Record High

Britannia Industries Shares: The stock is up 31.58% so far this year

Britannia shares fell more than 2 per cent in afternoon deals on Tuesday, having given up intraday gains to register a record high earlier. Shares in fast-moving consumer goods major Britannia fell as much as 2.15 per cent to Rs 3,897.45 apiece on the BSE. The Britannia stock price had climbed to a record high of Rs 4,015 on the bourse in morning trade, after opening mildly stronger at Rs 4,000 compared to its previous close of Rs 3,983.25. (Track Britannia Share Price Here)

At 12:56 pm, Britannia Industries shares traded 2.16 per cent lower at 3,897.05 apiece on the bourse, underperforming the benchmark S&P BSE Sensex index which was up 1.35 per cent, led by buying across sectors.

On Monday, biscuit maker Britannia Industries said it has planned a capital expenditure of around Rs 700 crore over the next two and a half years, and is bullish on the rural demand during the coronavirus crisis.

Britannia Industries will focus more on its core products, as rural demand has remained stable during the COVID-19 outbreak, its managing director Varun Berry said at a virtual press conference. The coronavirus crisis will cause permanent changes in consumer behaviour, he said. 

Last week, Kolkata-based Britannia Industries posted a net profit of Rs 545.70 crore in the quarter ended June 30, more than double compared to Rs 251.03 crore in the corresponding period a year ago. 

Its total revenue from operations climbed up 26.68 per cent to Rs 3,420.67 crore.

At Monday's closing price, Britannia shares have risen 31.58 per cent so far this year, outperforming the benchmark S&P BSE Sensex index which is down 9.30 per cent.