Buy Emami, target price Rs 470: IIFL

Buy Emami, target price Rs 470:  IIFL

IIFL has buy call on Emami with a target price of Rs 470. The current market price of Emami is Rs 457.25.

Emami Ltd., incorporated in the year 1983, is a Mid Cap company (having a market cap of Rs 20016.45 Crore) operating in FMCG sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 734.82 Crore, up 52.66 % from last quarter Sales of Rs 481.34 Crore and up 11.33 % from last year same quarter Sales of Rs 660.05 Crore Company reported net profit after tax of Rs 119.27 Crore in latest quarter.

Investment Rationale
Stock has given a Flag pattern breakout on the daily chart.

Promoter/FII Holdings
Promoters held 53.9 per cent stake in the company as of June 30, 2020, while FIIs held 6.9 per cent, DIIs 29.8 per cent and public and others 9.4 per cent.

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