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Hindustan Unilever Ltd's shares plunged as much as 3 per cent to Rs 1,522.35 as CLSA has raised margin concerns.
The company’s September quarter profit jumped about 20 per cent to Rs 1,525 crore ($206.44 million), beating analyst estimates. CLSA has cut the price target to Rs 1,750 from Rs 1,950, and it has maintained outperform rating.
The brokerage says that the recent surge in crude oil prices and rupee depreciation have raised concerns over HUL's margins, giving it the benefit of doubt.
Jefferies says Q2 results were ahead of estimates but rising raw material prices and bond yields pose a downside risk to earnings and valuations.
About 16 out of 39 brokerages covering the stock rate it “buy” or higher, 15 “hold” and eight “sell” or lower; their median price target is Rs 1,748. ($1 = 73.8700 Indian rupees)
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