Dabur India gained 3.32% to Rs 278.35 at 10:40 IST on BSE after the company said that its board of directors approved setting up a manufacturing plant at Tezpur, Assam.
The announcement was made after market hours yesterday, 28 April 2016.Meanwhile, the S&P BSE Sensex was up 59.12 points or 0.23% at 25,662.22.
Higher than normal volumes were witnessed on the counter. On BSE, so far 1.1 lakh shares were traded in the counter as against average daily volume of 52,376 shares in the past one quarter. The stock hit high of Rs 279.10 and low of Rs 271.15 so far during the day. The stock had hit a record high of Rs 316.50 on 6 August 2015. The stock had hit a 52-week low of Rs 231.30 on 27 January 2016. The stock had outperformed the market over the past one month till 28 April 2016, rising 13.57% compared with Sensex's 2.55% gains. The scrip had also outperformed the market in past one quarter, gaining 48.7% as against Sensex's 4.63% gains.
The large-cap company has equity capital of Rs 176.09 crore. Face value per share is Rs 1.
Dabur India said that in order to meet the growing demand for products of the company, the board of the directors of the company in its meeting held yesterday, 28 April 2016 approved a capital expenditure of Rs 250 crore for setting up a manufacturing plant at Tezpur, Assam. The expenditure shall be financed through internal accruals. The plant is likely to commence the operations in the calendar year 2017.
Dabur India's consolidated net profit rose 16.6% to Rs 331.93 crore on 10.9% rise in net sales to Rs 2157.31 crore in Q4 March 2016 over Q4 March 2015. The stock had dropped 1.05% to Rs 269.40 yesterday, 28 April 2016 after announcing Q4 results during market hours yesterday, 28 April 2016.
Meanwhile, according to reports, a foreign brokerage has maintained its buy rating on Dabur India stock in the wake of the company's impressive Q4 March 2016 earnings. The brokerage reportedly said that Dabur India stock will continue to outperform going forward. The brokerage expects Dabur to beat estimates going ahead on volumes and margins front.
Dabur India is one of the largest FMCG companies in India. The company operates in key consumer products categories like hair care, oral care, health care, skin care, home care & foods.
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