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Emami shares gained as much as 6.25 per cent, adding to Wednesday’s 3.9 per cent gain.
FTSE has upgraded Emami to the midcap segment of the FTSE global equity index series.
HSBC on Monday initiated coverage with a "buy" rating, target price of Rs 1,500, earlier this week.
It said Emami's core brands Navratna, Zandu, Fair & Handsome and Boroplus dominate their market segments. It added that the growth story isn't fully priced into the stock.
Shares of Emami trade at 8 per cent discount to industry leader Hindustan Unilever, it added.
Out of 26 analysts covering the stock, 5 have a strong buy, 7 have a buy, 9 have a hold and 5 have a sell rating on the stock, according to Eikon data.
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