Colgate-Palmolive stock hits 52-week high after robust Q1 results

New Delhi: Shares of Colgate-Palmolive India jumped more than 6 per cent on Tuesday after the company reported 33 per cent rise in net profit at Rs 363.98 crore for the first quarter ended June 2024.

The stock of FMCG major climbed 6.19 per cent to trade at Rs 3,407.75 apiece on the BSE. Later, the scrip of the company rose 6.75 per cent to hit its 52-week high of Rs 3,425.90 per piece.

Also, the company's market valuation jumped by Rs 5,895.29 crore to Rs 93,179.55 crore.

The 30-share BSE Sensex jumped 316.99 points or 0.39 per cent to trade at 81,672.83.

In a regulatory filing on Monday, FMCG major Colgate-Palmolive India reported a 33 per cent rise in net profit at Rs 363.98 crore for the first quarter, helped by a demand pickup and good performance of products.

The oral hygiene product maker had posted a net profit of Rs 273.68 crore in April-June FY24, according to the regulatory filing.

Sales were up 13 per cent to Rs 1,485.76 crore during the quarter under review as against Rs 1,314.73 crore in the corresponding period a year ago, it added.