Nomura upgrades Dabur India, shares rise

Dabur India shares gained 1.6 per cent after the company's sales volumes growth beat rivals for the January-March quarter, despite a challenging macro environment.

Dabur India has reported a sales volume growth of 9.4 per cent for the March quarter while that of Hindustan Unilever's came at 3 per cent, lagging analyst estimates.

Nomura upgraded the stock to "buy" from "neutral" and raised its target price to Rs 200 from Rs 174, citing better outlook compared to rivals.

"Management's commentary indicates that the current quarter trend is likely to sustain into 1HFY15, which is a key positive as compared to peers where the outlook is more muted," Nomura said in a report on Wednesday.

(Reuters)