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Patanjali Foods has seen a notable surge in its stock price, rising by 3.57% on December 2, 2024, driven by a strong market performance. This increase reflects the company’s steady growth in the competitive FMCG sector.
According to stock analysis platform MarketsMOJO, Patanjali Foods is currently rated as a ‘Hold,’ reflecting cautious optimism. Over the past three days, the company’s stock has been on an upward trajectory, posting a 7.31% gain. Notably, the stock has outperformed its sector by 3.72%, indicating that it is performing better than many of its peers in the FMCG market.
On December 2, Patanjali Foods’ stock hit an intraday high of Rs 1880, further cementing its positive momentum. The stock is also trading above its key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This signals that the stock is currently in a bullish phase, as it is performing better than the broader market trends.
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In comparison to the broader stock market, Patanjali Foods has outperformed the Sensex. While the Sensex saw a marginal decline of -0.02% on the same day, Patanjali Foods posted a 3.28% gain. Over the past month, the company’s stock has appreciated by 3.63%, in contrast to Sensex’s modest rise of just 0.08%.
Patanjali’s performance in the stock market suggests that the company has positioned itself well for sustained upward momentum, with analysts predicting that the positive trend could continue in the near future.
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