Colgate-Palmolive India climbs to 19-mth high as Q4 profit beats expectations

Colgate-Palmolive (India)

15/05/2023 06:04

** Shares of Colgate-Palmolive (India) Ltd  COLG.NS  rise as
much as 5.33% to 1714.45 rupees, highest since Oct 13, 2021
    ** Consumer goods maker reports 2.3% fall in Q4 net profit,
but beats analysts estimates 
    ** Analysts say rural slowdown stymied growth but demand
trends are improving for COLG
    ** Kotak Institutional Equities raises earnings estimates
for FY24 and FY25 by 1%-2%, citing potential pick-up in volume
growth, premiumisation and scaling up of personal care portfolio
    ** Antique Stock Broking reiterates "hold", raises TP to
1,659 rupees, citing sequential recovery in oral care category  
 
    ** Relative strength index of stock is 81, suggesting it may
be overbought
    ** Of 30 analysts tracking COLG, six maintain "buy", 10
suggest "sell" and 14 recommend "hold"; median TP is 1,575
rupees 
    
 
 ($1 = 81.7800 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))