Harsh Mariwala and LIC Portfolio Stock Nearing Breakout: Keep It on Your Watchlist!
The Life Insurance Corporation of India (LIC), India’s largest insurance company, also holds a 4.52 per cent stake in company
Volatility has gripped the Indian benchmark indices due to the selling by Foreign Institutional Investors (FIIs) and the rupee plunging to a low against the US dollar. During periods of volatility, it is challenging for traders and investors to make decisions as uncertainty clouds their judgment.
Amid this volatile phase, there is one stock from the FMCG sector showing signs of breaking out of a two-month-long consolidation phase: Marico Ltd.
Marico Ltd is one of India’s leading consumer products companies, operating in the global beauty and wellness categories. During FY 2023-24, Marico recorded a turnover of Rs 96.5 billion (approximately USD 1.2 billion) through its products sold in India and select markets in Asia and Africa. The company touches the lives of one out of every three Indians through its diverse portfolio of brands, including Parachute, Saffola, Saffola FITTIFY, Hair & Care, Parachute Advansed, Nihar Naturals, Mediker, Pure Sense, Coco Soul, Revive, Set Wet, Livon, Beardo, Just Herbs, True Elements, and Plix.
Marico's stock hit a 52-week high in the early part of October 2024 but subsequently corrected by nearly 19.5 per cent from that high. Recently, the stock has formed a sequence of higher lows, which is a positive technical indicator. The 14-period Relative Strength Index (RSI) has registered a fresh swing high and remains in bullish territory. Additionally, the Moving Average Convergence Divergence (MACD) line is above the signal line, with the histogram indicating that bullish momentum is strengthening.
Here’s an interesting fact: Harsh C. Mariwala, the Chairman of Marico, holds a 2.17 per cent stake in the company in his individual capacity. Additionally, he holds further stakes along with Late Kishore V. Mariwala for a family trust. The Life Insurance Corporation of India (LIC), India’s largest insurance company, also holds a 4.52 per cent stake in Marico.
Disclaimer: The article is for informational purposes only and not investment advice.