Post-Q1 earnings, HUL shares up over 3%
HUL shares rise further by 3 percent after company reports 9 percent rise in net profit post-Q1 earnings.
Shares of FMCG major, Hindustan Unilever, on wednesday rose by more than 3 percent after the company reported an over 9 percent rise in standalone net profit for the April-June period.
After making a positive opening, shares of the company further climbed 3.18 percent to Rs 1,195.10, its 52-Weekhigh on BSE.
At NSE, shares of the company went up by 3.21 per cent to touch its one year high of Rs 1,195.05.
Hindustan Unilever on tuesday posted an over 9 per cent rise in its standalone net profit at Rs 1,283 crore for the April-June period, while some of its business verticals saw a muted quarter due to 'destocking' in view of the GST implementation from July 1.
The company had posted a standalone net profit of Rs 1,174 crore in the corresponding period of the previous fiscal, Hindustan Unilever Ltd(HUL) said in a BSE filing.
Net sales during the quarter under review stood at Rs 9,094 crore as against Rs 8,662 crore a year ago, up 4.98 per cent.
"During the quarter, trade sentiment remained cautious, particularly in the run up to GST implementation. Despite high promotional intensity, stock pipelines remained low and varied across categories, channels and geographies", HUL said.