These 3 FMCG companies hit 52-week high in market rout

Indian equities market logged one of the most severe falls in the last four years as the margin between the NDA and INDIA alliance remains thin. FMCG stocks have remained stronger in the hope of demand recovery in rural India. Regional politician-backed companies have been in focus as hung results would lead to a coalition government which would require the support of regional parties.

Amidst market turmoil on Tuesday, these three stocks made 52-week highs

1. Heritage Foods Ltd - Founded by TDP’s chief and former CM Chandrababu Naidu ( alliance partner of BJP-led NDA ) has cleanly swept the polls in Andhra Pradesh. He is potentially seen in the position of “King Maker” after the trend of poll count shows a thin margin between the NDA and INDIA alliance. Heritage Food's stock price hit a fresh 52-week high at ₹479.80 on Tuesday. The company is the largest private-sector dairy in Southern India. It reported a more than twofold jump in its net profit for the quarter ended March 2024 of ₹40 crore against ₹18 crores in the earlier year.
2. Britannia Industries Ltd - The FMCG stock surged to a 52-week high at ₹5414.40 on Tuesday. The reason behind the strong rally in the stock could be attributed to the fact that market participants have tactically shifted their positioning into defensive stocks amid heightened volatility.

3. Emami Ltd - Another FMCG company, Emami went on to hit a fresh 52-week high on Tuesday. The stock of Emami shrugged off the negative cues and scaled to a level of ₹663.50 on NSE. Last week the company reported strong Q4 numbers for the quarter ended March 2024 with net profit increasing by 3.62%. In 2024, the stock gained over 13%. The Kolkata-based company currently trades at a P/E of 38.04.