HUL rises over 4% in trade on better earnings
Mumbai: Shares of Hindustan Unilever on Monday surged over four percent in morning trade on the bourses after the company reported over 13 percent rise in net profit for the September quarter.
On Saturday, Hindustan Unilever reported 13.24 percent rise in net profit at Rs 913.8 crore for the September quarter, up from Rs 806.92 crore in the year-ago period.
During the quarter, the company logged net sales of Rs 6,747.2 crore up from Rs 6,155.41 crore during the same period last year.
Reacting to the numbers, shares of the company opened at Rs 603.20 and jumped 4.33 percent from its previous close to Rs 619.95 on the BSE.
Similar movement was witnessed on the National Stock Exchange, where the stock opened at Rs 604 then rose 4.15 percent to Rs 618.65.
The surge in the counter assumes significance as the broader market was trading almost flat. In morning trade, the 30-share benchmark index Sensex was trading at 20,706.81, up 23.29 points.
Hindustan Unilever, which sells brands like Lux, Dove, Rin and Surf, among others, said it has seen a growth of 10 percent in revenue terms in its domestic consumer business with underlying volume growth of 5 percent.
The market growth for the industry is in mid single-digit in revenue terms and the volume growth is very low, the company said.