Credit Suisse lowered its price target on the stock from Rs 2,180 to Rs 2,150. According to a CNBC TV18 report, the redit agency said the growth guidance cut implies revenue growth below 5 per cent and volume growth of around 3 per cent in Q3.
On the sectoral level, market research agency Nielsen has already forecast a low single-digit FMCG growth rate for the October-December period versus mid-single-digit growth seen in July-September for the market. The research agency also said rural growth had crashed to a seven-year low in the September quarter to 2 per cent and that weakness would remain in the subsequent months as well.
The Nifty FMCG index has underperformed the benchmark Nifty index by slipping 1.3 per cent in the last one year as compared to almost 12 per cent gain in the latter.
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