Shares of Marico gained as much as 9% on Wednesday, October 30, after the company reacted to its September quarter earnings that were reported after market hours on Tuesday.

The company’s domestic volume growth during the quarter stood at 5%, which is at the higher end of the expected range of 4% to 5% year-on-year.

Within the company’s key segments, Parachute grew by 4% in volume terms and 10% in value terms. Saffolla reported positive value growth after two years.

Marico’s food revenue grew by 28% during the quarter and now has an Annual Revenue Run Rate of ₹1,000 crore.

Bangladesh, which was a concern for the company considering the political uncertainties, grew by 8% in constant currency terms and the management also expects to maintain double-digit momentum.

Brokerage firm Jefferies maintained its “buy” recommendation on the stock and increased its price target to ₹800 from ₹780 earlier.

The brokerage wrote that with inflation returning, Marico may see revenue growth accelerate to double digits.

The stock is also back among the top picks for Jefferies.

Nomura called Marico’s results a silver lining amidst a gloomy quarter. It maintained its “buy” rating on the stock with a price target to ₹760 from ₹780 earlier.

It said that there has been no impact from the weakness in the urban markets as it mainly caters to premium and mass consumption segments.

Out of the 41 analysts that have coverage on Marico, 30 of them still have a “buy” rating on the stock, seven say “hold”, while the other four have a “sell” recommendation on the stock.

Shares of Marico are off opening highs, having gained as much as 9.5%. They are now currently trading 5% higher at ₹660.35.