Share price of Eveready Industries India added nearly 2 percent intraday Thursday as Nomura maintained buy rating with a target raised to Rs 556 from Rs 373 per share.
The firm believes that core business growth trajectory is settling down and revenue growth should come back to more normalised levels.
The new businesses will be key drivers of growth and LED lights, small appliances & candies will lead the growth, it added.
The company will be launching fruit chews under its brand name Jollies in the product catagory of confectionary.
The company believes that the fast growing fruit chew segment will double in next 3-4 years and expects to become a significant player in this segment by making this under-penetrated catagory available across rural and urban India through its robust deep distribution network.
At 11:20 hrs Eveready Industries India was quoting at Rs 449.40, up Rs 0.40, or 0.09 percent on the BSE.
The share touched its 52-week high Rs 465 and 52-week low Rs 223.50 on 09 January, 2018 and 11 January, 2017, respectively.
Currently, it is trading 3.35 percent below its 52-week high and 101.07 percent above its 52-week low.
Posted by Rakesh Patil
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