Shares of Marico surged more than 9% to a high of Rs 539.50 on Monday on a surge in intraday trading after the company posted solid fourth-quarter results.

The stock was up 7.2% at Rs 529 at 11:15 am. About 262,000 shares were traded on the counter, compared with the BSE’s two-week average of about 54,000 shares. Meanwhile, the Sensex gained nearly 1% to 61,624.

The stock has gained 12.5% ​​in the past two months and is now quoting near its 52-week high of Rs 554 in September 2022. The benchmark index is up 5% since the end of March 2023.

For the quarter ended March 2023, Marico reported an 18.7% rise in net profit to Rs 305 crore. This compares to a net profit of Rs 257 crore in Q4FY22. Total revenue rose 5.6% year-on-year to Rs 2,308 crore.

For FY22-23, net profit rose 5.3% year-on-year to Rs 1,322 crore, supported by a 3.1% rise in total revenue to Rs 9,908 crore.

Sharekhan had a “buy” call on the stock in his earnings update after the earnings release, with a price target of Rs 645 per share. The brokerage said results for the fourth quarter of FY23 were broadly in line with expectations, and management maintained interim guidance.

Prabhudas Lilladher upgraded the stock to “accumulate” from “hold” with a target price of Rs 550 per share.