Jefferies sees demand uptick, margin growth for India's consumer stocks in 2024

Emami

04/01/2024 06:46

** An undemanding base coupled with continuing efforts to
tame inflation should support consumer staples companies in
2024, says Jefferies
    ** Brokerage sees scope for margin expansion in the sector
in 2024 due to volume growth, remains hopeful of a pick-up in
rural demand in second half of 2024
    ** Upgrades Dabur  DABU.NS  to "buy" from "hold"; identifies
DABU, Godrej Consumer Products  GOCP.NS , Marico  MRCO.NS  and
Honasa Consumer  HONA.NS  as its top picks, citing valuation
comfort
    ** Downgrades Britannia and Tata Consumer to "hold" from
"buy" 
    ** Hikes target price of Hindustan Unilever  HLL.NS , ITC
 ITC.NS , Nestle India  NEST.NS , Varun Beverages  VARB.NS ,
Britannia  BRIT.NS , Tata Consumer  TACN.NS , DABU, GOCP,
Colgate Palmolive  COLG.NS , Emami  EMAM.NS  and HONA
    ** India FMCG index  .NIFTYFMCG  up 0.85% on the day; EMAM
gains 3.4%, TACN up 2.75%; DABU and GOCP add 2% each

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Jefferies sees growth pick-up in India's consumer companies in
2024     https://tmsnrt.rs/3H7aI2M
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 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))