Emami shares gain on smart Q4 results
India ran out of warehouse space to hold another bumper crop, a core problem of the nation's food crisis.
Shares of FMCG firm Emami soared over 8 per cent after the company's consolidated net profit rose by 32.64 per cent for the fourth quarter ended March 31, 2012.
Buoyed by the good set of numbers, shares of the company surged 8.70 per cent to close at Rs 478 on the National Stock Exchange.
Similarly, at the BSE, the stock gained 8.28 per cent to Rs 475.45.
"Emami was the top gainer among the FMCG stocks on the back of a good set of results for Q4 FY12," Sharmila Joshi Head Equity Fairwealth Securities said.
The consolidated net profit of the company rose by 32.64 per cent to Rs 72.37 crore for the fourth quarter ended March 31, 2012, mainly due to strong sales growth in various brands, including Navratna Oil and Zandu Balm.
The company had posted a net profit of Rs 54.56 crore for the same period of previous fiscal.
Surge in the stock outperformed the weak broader market, where the BSE benchmark Sensex fell by 66.60 points to close at 16,479.58.