Market movers: LIC hits all time low of Rs 800; strict stance of govt on saccharin leaves bitter taste for some

NEW DELHI: Shares of Colgate Palmolive and P&G Health ended with cuts on Friday after the government showed a strict stance on the practice of routing Chinese export of saccharin from Thailand to the duty.

Saccharin, which is 550 times as sweet as sucrose, is used as a sweetener in toothpaste as it does not cause tooth decay. The government, in a notification, said that importers of saccharin who are importing the product from Thailand, especially those that try to circumvent the duty applied on subsidized Chinese export, will have to pay the duty eventually.

Colgate Palmolive ended down 1.66 per cent, while Procter & Gamble Hygiene & Health Care were down over 2 per cent.

Express gains
Shares of TCI Express zoomed over 4 per cent on Friday after Jefferies reiterated a Buy rating with a target at Rs 2,300, meaning a potential upside of 37 per cent from current levels.

TCI Express is one of India's leading logistics players ,which derives about 95 per cent of its revenue from the B2B segment. Th ebroker highlighted that the management is focused on doing profitable business, which is actually reflected in its high RoE of 25+.

Some of the positive triggers working for the counter are -- healthy FY23 guidance the company has given. It envisages around 20 to 22 per cent growth in revenue. Moreover, it will be undertaking around 4-5 per cent of additional price hikes, which should aid absolute Ebitda as well as margins going ahead.

LIC at all time low
Shares of Life Insurance Corporation (LIC) of India tested Rs 800 level on Friday, hitting all-time low. Though attempts to push it below Rs 800 level did not bear fruits during the session.

The stock entered the market last month with much fanfare, but the performance on Dalal Street has been disappointing at best as it now trades down about 16 per cent from the IPO issue price.

Analysts have been neutral on the stock. Emkay recently said it was “an elephant that cannot dance.”

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