HUL shares erase all early gains, close lower on profit booking
During the day, HUL stock gained 3.18% to ₹1,195.10its 52-week high but closed 0.5% lower on BSE
New Delhi: Shares of FMCG major Hindustan Unilever on Wednesday erased all early gains and ended lower on profit-booking.
The scrip ended 0.46% lower at ₹ 1,152.90 on the BSE. During the day, the stock gained 3.18% to ₹ 1,195.10—its 52-week high. On the NSE, shares of the company closed 0.30% down at ₹ 1,154.35.
On the volume front, 2.32 lakh shares of the company were traded on the BSE and over 47 lakh at the NSE during the day.
Hindustan Unilever yesterday posted an over 9% rise in its standalone net profit at ₹ 1,283 crore for April-June while some of its business verticals saw a muted quarter due to ‘destocking’ in view of the GST implementation from 1 July.
The company had posted a standalone net profit of ₹ 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 ₹ 9,094 crore as against ₹ 8,662 crore a year ago, up 4.98%.
“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.
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