Jyothy Labs jumps 5% after Macquarie initiates coverage with outperform call

FMCG company #JyothyLaboratories shares gained 5.5 percent in morning on April 5 after global brokerage firm Macquarie has initiated coverage on the stock with an outperform rating.

The brokerage set target price for stock at Rs 250 per share, implying 36 percent potential upside from current levels.

The stock was trading at Rs 190.30, up Rs 7.20 or 3.93 percent on the BSE, at 10:01 hours IST.

Macquarie said it likes company’s diverse product portfolio with a presence in mainstay categories.

Differentiated product positioning, new product launches & investments are leading to market share gains for the company, it added.

“We build in 21 percent PAT CAGR & 220 bps increase in return on equity in the next two years,” the brokerage said.

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