India's consumer stocks topple on Godrej Consumer's weak Q3 sales outlook

Britannia Industries

09/12/2024 05:14

** India's Nifty FMCG Index  .NIFTYFMCG  falls 2.3% after a
weak quarterly sales forecast by Godrej Consumer Products
 GOCP.NS  
    ** All 15 stocks on the index trading in red
    ** GOCP top loser on the index, down 9.6% and set for worst
day in more than 4-1/2 years
    ** Co, which makes Cinthol brand of soap and Good Knight
brand of insect repellent products, said it expects flattish
underlying volume growth and around mid-single digit pct sales
growth for standalone business in Q3
    ** Demand conditions in India have been subdued in past
quarters as consumers cut back on spending due to persistently
high inflation
    ** GCP is first among consumer goods companies to post Q3
update    
    ** Larger rivals Hindustan Unilever  HLL.NS  and Britannia
 BRIT.NS  down ~4% and 2% respectively; among top losers on the
Nifty 50  .NSEI  
    ** .NIFTYFMCG down ~1% YTD vs a 13% gain in benchmark Nifty
50 index  .NSEI 


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))