India's Jyothy Labs hits record high on earnings boost

Jyothy Labs

25/07/2023 07:35

** Shares of Jyothy Labs  JYOI.NS  rise as much as 15.26% to
a record high of 279.45 rupees
    ** Stock rises after the consumer goods firm, which makes
fabric care, dishwash and mosquito repellent products, reported
consolidated net profit that nearly doubled year-on-year to
962.9 mln rupees in June quarter
    ** Revenue rises 15.1% Y/Y to 6.87 bln rupees; core profit
also nearly doubles while core profit margin expands to 17.1%
from 10%
    ** Stock marks most active session ever, with 12.6 mln
shares changing hands, 12.5x the 30-day avg - Refinitiv data
    ** The relative strength index rises above 70, suggesting
the stock may be overbought
    ** Of the nine analysts tracking JYOI, five maintain "strong
buy", one suggests "buy" and three recommend "hold"; median TP
is 233 rupees
    ** Stock up 38% in 2023 so far, compared with an 18% uptick
in FMCG index  .NIFTYFMCG 

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