Extending the tax benefits to its consumers, FMCG firm Godrej Consumer Products (GCPL) has slashed its soap prices by 6 to 8%, while absorbing the hike in hair colors. The company sells soaps under brands namely Cinthol and Godrej No 1.
Other listed and unlisted FMCG makers such as Emami, Colgate-Palmolive, Marico, Patanjali, and HUL have either slashed prices or by increasing the grammage of the product on the dispatches made from July 1 onwards, passing on the GST benefits to their consumers.
GCPL is confident about an uprise in the consumer demands, tied by GST and good monsoon from September onwards and expects a good second half in 2017.
The company is also not increasing the price of the products which attracted higher tax as hair colors etc, reported a news agency.
Stock view:
Godrej Consumer Products Ltd is currently trading at Rs 970.2, up by Rs 1.2 or 0.12% from its previous closing of Rs 969 on the BSE.
The scrip opened at Rs 970 and has touched a high and low of Rs 973.6 and Rs 969.9 respectively. So far 75656(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 66008.44 crore.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 998.8 on 10-Jul-2017 and a 52 week low of Rs 642.78 on 15-Nov-2016. Last one week high and low of the scrip stood at Rs 998.8 and Rs 963.35 respectively.
The promoters holding in the company stood at 63.27 % while Institutions and Non-Institutions held 30.59 % and 6.14 % respectively.
The stock is currently trading above its 50 DMA.
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