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BSE   25 Jun 19 | 12:00 AM

1756.35 -7.35 (-0.42%)
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Code: 500696
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Hindustan Unilever touches record high on heavy volumes

SI Reporter / Mumbai 24 May 17 | 02:22 PM

Hindustan Unilever (HUL) hit its record high of Rs 1,038, up 1.7% on BSE in an otherwise range-bound market after a more than seven lakh equity shares exchanged hands on the counter in noon trade.

At around 12:07 pm; a combined 716,561 equity shares exchanged hands on NSE and BSE, the exchange data showed.

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In past four trading sessions, the stock gained 5% after the Goods and Services Tax (GST) Council, at its meeting held in Srinagar last week approved rates for a number of categories.

Many important inputs for the food processing industry like jaggery, cereals and milk have been exempted from GST altogether. On the other hand, products like sugar, tea, coffee and edible oil will carry concessional GST at the rate of 5%. At the same time, the tax bracket on toiletries like hair oil, toothpaste and soaps has been maintained at 18%.

Overall, fast moving consumer goods (FMCG) companies will see a wider market opening up for them, said Vaibhav Agrawal, Head of Research and ARQ, Angel Broking.

HUL a largest consumer company divides among four categories like home care, personal care, foods & refreshments.

In past one-month, the stock outperformed the market by surging 15% as compared to 2.2% gain in the S&P BSE Sensex and 6% rise in S&P BSE FMCG index.

“HUL was facing a tough time from many quarter with factors like increasing raw material price, less demand from rural and urban consumers, increasing distribution channel, last quarter demonetization happened, etc. however during March quarter (first quarter after demonetization) HUL faced the challenge and price of input cost moderated, market environment stabilized and in turn gave profitable volume growth," analysts at KRChoksey Shares and Securities said in a result update.

The brokerage firm remains optimistic about the demand scenario, premium products of the company, recognized brands, etc against its competitors. Also, its focus would remain to increase volume growth and control cost to improve operating margins.

At 02:16 pm; the stock was up 1.6% at Rs 1,036 on BSE, against 0.15% decline in the S&P BSE Sensex. A combined 2.15 million shares changed hands on the counter on BSE and NSE so far.

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