Marico Ltd Share Price – NSE  /  BSE

Edible Oil, Mid Cap

Marico Ltd fell for a fifth straight session today. The stock is quoting at Rs 505, down 0.28% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.15% on the day, quoting at 22027.95. The Sensex is at 72674.25, up 0.26%.Marico Ltd has gained around 2.52% in last one month.Meanwhile, Nifty FMCG index of which Marico Ltd is a constituent, has increased around 0.05% in last one month and is currently quoting at 52825.5, up 0.37% on the day. The volume in the stock stood at 5.48 lakh shares today, compared to the daily average of 13.49 lakh shares in last one month.

The benchmark April futures contract for the stock is quoting at Rs 505.55, down 0.43% on the day. Marico Ltd jumped 7.05% in last one year as compared to a 24.99% rally in NIFTY and a 14.63% spurt in the Nifty FMCG index.

The PE of the stock is 62.3 based on TTM earnings ending December 23.

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Marico will hold a meeting of the Board of Directors of the Company on 6 May 2024.

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The benchmark indices continued to trade near the flat line in the mid-afternoon trade. The Nifty traded near the 22,500 level. FMCG shares advanced after declining in the past two trading session.

At 14:27 IST, the S&P BSE Sensex, was down 34.28 points or 0.04% to 74,251.16. The Nifty 50 index lost 5.15 points or 0.02% to 22,509.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.41% and the S&P BSE Small-Cap index gained 0.46%.

The market breadth was strong. On the BSE, 2,312 shares rose and 1,463 shares fell. A total of 125 shares were unchanged.

RBI Monetary Policy Outcome:

The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted to keep the repo rate unchanged at 6.5%. This is the seventh time that the 6 member Monetary Policy Committee has decided to keep the key rates unchanged.

RBI's MPC at its meeting today, 5 April 2024, decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50%. Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The real GDP growth for 2024-25 is projected at 7% with Q1 at 7.1%; Q2 at 6.9%; Q3 at 7%; and Q4 also at 7%. The CPI inflation for 2024-25 is projected at 4.5% with Q1 at 4.9%; Q2 at 3.8%; Q3 at 4.6%; and Q4 at 4.5%.

RBI Governor Shaktikanta Das elaborated on the decision, stating that inflation has decreased from its peak of 5.7%. He noted favorable growth-inflation dynamics and a steady decline in core inflation, reaching its lowest point in nine months. Despite volatile food inflation in February, core inflation, excluding food and fuel, has shown a downward trend. Concerns remain regarding the impact of weather variations on inflation and economic stability.

The minutes of the MPC’s meeting will be published on 19 April 2024. The next meeting of the MPC is scheduled during June 5 to 7, 2024.

Buzzing Index:

The Nifty FMCG Index rose 0.78% to 54,053.15. The index shed 0.85% in the past two trading session.

Marico (up 3.08%), Godrej Consumer Products (up 2.46%), ITC (up 1.8%), Balrampur Chini Mills (up 1.71%), United Breweries (up 1.1%), Radico Khaitan (up 1.03%), Colgate-Palmolive (India) (up 0.8%), United Spirits (up 0.36%), Dabur India (up 0.24%) and Hindustan Unilever (up 0.17%) advanced.

On the other hand, Varun Beverages (down 1.16%), Tata Consumer Products (down 0.28%) and Nestle India (down 0.25%) edged lower.

Marico advanced 3.08% after the company said that the domestic business, in Q4, has posted a slight uptick in volume growth on a sequential basis owing to steadying trends in majority of the portfolios.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.25% to 7.112 as compared with previous close 7.111.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3025, compared with its close of 83.3900 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.11% to Rs 69,631.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 104.22.

The United States 10-year bond yield gained 0.61% to 4.334.

In the commodities market, Brent crude for June 2024 settlement rose 4 cents or 0.04% to $90.69 a barrel.

Stocks in spotlight:

Cipla shed 0.77%. The drug major said that the US drug regulator has issued Form 483, with six observations after inspecting its Patalganga manufacturing facility in Maharashtra.

Trident rose 0.22%. The company said that the credit rating agency CARE Ratings has reaffirmed the company’s long-term bank facilities at CARE AA” with 'stable’ outlook.

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Parachute Coconut Oil registered low single-digit volume growth and the company witnessed a continuing revival in loose to branded conversions amidst firming up of copra prices, which was along expected lines. Saffola Oils delivered mid-single-digit volume growth as trade-led headwinds subsided with input and consumer pricing exhibiting stability.

Value Added Hair Oils had an optically weak quarter, declining on a high base amidst persistent sluggishness in the bottom of the pyramid segment. Foods continued its steady run to close the year at nearly 4x of its scale in FY20 and digital-first brands also sustained its strong growth trajectory, thereby meeting our stated portfolio diversification objective for the year.

Marico expects a gradual uptick in the growth of its core categories through the ongoing initiatives to enhance the profitability of the company’s General Trade (GT) channel partners and focused investments towards a transformative expansion in direct reach footprint across urban and rural outlets over the next couple of years.

We will continue our focus on driving differential growth in our urban-centric and premium portfolios through the organised retail and E-Commerce channels. We will continue to aggressively diversify the portfolio through the accelerated scale up of Foods and Digital-first brands and improve profitability parameters in line with our medium-term strategic priorities,” the company said.

It further stated that the International business reverted to clocking double-digit constant currency growth, led by Bangladesh bouncing back from transient headwinds and rest of the markets maintaining their positive momentum.

Consolidated revenue grew in low single digits, moving back into positive territory after 3 quarters, due to incremental anniversarizaton of pricing cuts in key domestic portfolios. The company expects consolidated revenue growth to trend upwards, with domestic revenue growth outpacing volume growth in the quarters ahead.

Among key inputs, copra prices inched up in line with forecasts, while edible oil and crude oil derivatives remained stable. In this context, the company expects strong gross margin expansion on a year-on-year basis.

The company also maintained investments behind brand building in line with the strategic intent to continually strengthen the long-term equity of both the core and new franchises. Consequently, Marico expects low double-digit operating profit growth on the back of a healthy expansion in operating margin, thereby staying on track to deliver on the margin guidance for the full year.

Marico is one of India’s leading consumer products companies in the global beauty and wellness space. During FY 2022-23, Marico recorded a turnover of INR 97.6 billion (USD 1.2 billion) through its products sold in India and chosen markets in Asia and Africa.

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