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Shares of Nestle India Ltd and Dabur India Ltd today hit fresh highs by climbing 6.2 per cent and 6.4 per cent, respectively.
Nestle had presented strong sales volume growth figures at an analyst meet on Tuesday. Nestle's volumes beat Motilal Oswal's estimates by 200 basis points, prompting the brokerage to raise its forecasts for Nestle's FY19 sales and profit after tax.
Higher utilisation of capacities will result in significant improvement in Nestle's return ratios, along with sustained strong volume growth, says ICICI Securities. ICICI Securities has raised Nestle's target price to Rs 12,000 from Rs 11,600, with 'buy' rating.
Deutsche Bank has reiterated Dabur as its top pick in consumer staples sector, citing better execution, market share gains, and improving macros. The brokerage has raised Dabur's price target to Rs 525 from Rs 475, with a 'buy' rating.
Shares of Dabur were up 32.9 per cent this year as of last close, while Nestle was up 38.3 per cent.
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