India's Emami gains as Emkay Global initiates coverage with 'buy'

Emami

25/09/2023 07:58

** Shares of Emami Ltd  EMAM.NS  rise as much as 3.4% to 535
rupees, biggest intraday pct gain since Sept. 11
    ** Emkay Global initiates coverage with "buy" rating and PT
of 625 rupees, 21% higher than co's last close
    ** Emami well-fitted to uphold topline growth with
inflationary pressure ebbing, with focus on rural recovery -
Emkay
    ** EMAM's most core categories have limited competition and
higher gross margin, analysts add
    ** Nearly 295,000 shares change hands by 11:50 a.m. IST vs
30-day avg of 549,550 shares
    ** Twenty-one of the 26 analysts covering the stock have a
"buy" or "strong buy" rating, 4 have "hold" while 1 rate it at
"sell" or "strong sell"; median PT is 520 rupees - LSEG data
    ** EMAM up nearly 23% YTD

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