Shares of Britannia hit the upper circuit on November 7; know why?
The stock surged 9 on the day
On November 7, the market traded in the green. Energy, Auto, and Oil & Gas were the top-performing sectors, while Healthcare and Consumer Durables underperformed today. Regarding stock-specific action, Britannia Industries Ltd was among the Top Gainers.
Shares of Britannia Industries surged 9 per cent and closed at Rs 4142.2. The stock hit a 52-week high of Rs 4189.95. The scrip opened at Rs 3935 and made an intraday high and low of Rs 4189 and Rs 3935, respectively. The company recently announced its September Quarterly Results which helped the stock to be in an uptrend.
For the September quarter, the revenue increased 21.43 per cent YoY and stood at Rs 4380 crore while its net profit grew by 28.53 per cent and came in at Rs 491 crore. For FY22, on a consolidated basis, the company revenue stood at Rs 14,136 crore and generated a net profit of Rs 1,516 crore. As per the FY22 period ending, the company’s ROE and ROCE stood at 49.7 per cent and 41.5 per cent, respectively.
About the shareholding pattern, 50.55 per cent of the company’s stake is owned by the promoters, 17.18 per cent by FIIs, 16.12 per cent by DIIs, and the rest 16.14 per cent by non-institutional investors.
The company has a market capitalization of Rs 99,849 crore and is trading at a PE multiple of 84.7x. The stock has a 52-week high and low of Rs 4190 and Rs 3050, respectively.