The oral care MNC, Colgate-Palmolive only managed a slight recovery from its intra-day low of Rs 142.10 despite coming out with decent results today. The major damper for the stock was its denial of a buy-back and this kept the stock down.
The scrip closed today at Rs 141.55, down by 5 per cent on the BSE. In the late afternoon trades, the scrip was down 1.78 per cent to Rs 146.35. A total of 1.69 lakh shares changed hands on the BSE today. The company declared its fourth quarter and full year ended March 31 results in afternoon today.
Earlier today, the company issued a denial to dispel speculation over a buy-back offer. The company said it is not considering such a move.
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In three sessions between June 4 and June 9, the stock jumped 12.5 per cent to Rs 149 from Rs 132.50 as the market anticipated that a buy-back of shares was forthcoming from the company.
The slowdown in the FMCG sector in general, and the toothpaste category in particular, continues to pose a major challenge to Colgate-Palmolive India. Overall, analysts are pessimistic about the company