We had initiated coverage on Colgate Palmolive (India) Ltd with a Buy rating on May 13, 2020 at Rs.1,339 for a target price of Rs.1,640 showcasing an upside of ~23%.
With the recent run-up in the share price the stock has generated returns of ~21%. Hence, we advise investors to start booking profits as the stock moves towards our target price. We change our rating to NEUTRAL & close our call.
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