FMCG index hits record high, HUL, ITC rally
Shares of fast moving consumer goods (FMCG) companies continue at their upward march with the FMCG index hit new high today on the Bombay Stock Exchange.
Most of the frontline stocks from the sector like Hindusan Unilever (HUL), ITC, Godrej Consumer Products, Tata Global Beverages, Dabur India, Colgate-Palmolive, Britannia Industries and Nestle India are trading higher by 1-2% at 1308 hours.
The FMCG index, the largest gainer among sector indices, is up 1% at 5,174 as compared to a marginal 13 points rise in the benchmark Sensex. The index hit a record high of 5,183 during intra-day trades.
The FMCG companies reported a strong an average 16% year-on-year growth in revenue for the June quarter, as the demand for daily-use items remained buoyant despite inflationary pressure.
The aggregate net profit of ten FMCG companies so far announced their June quarter results have posted an average 37% growth in net profit at Rs 3,627 crore over the previous year. On an average, most companies saw their operating margins grow 100 to 160 basis points during the quarter, due to some softening in commodity prices.
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