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Shares of Hindustan Unilever hit record high as Q3 profit beat estimates. HUL shares rose as much as 2.6 per cent to a record high of Rs 1,406.90. The consumer goods maker posted a 28 per cent increase in Q3 profit on Wednesday, beating estimates, underpinned by higher sales from its personal care business. Gradual recovery in volume growth is under way; combination of rolling price growth and cost efficiencies is driving strong margin expansion, according to Morgan Stanley.
At about 10.20 am, the HUL stock was quoting at Rs 1,376.70, up Rs 4.85 (+0.35%).
Headline volume growth over the next three quarters will be strong (off a weak base), analysts added. Morgan Stanley has raised target price to Rs 1,120 from Rs 1,000; and maintained 'underweight' rating on the stock.
Twenty five of 40 brokerages rate the stock “buy” or higher, 11 "hold” and four “sell"; their median price target is Rs 1,430, according to Thomson Reuters Eikon data.
Up to Wednesday's close, the stock had risen 63 per cent in 12 months, compared with a 26 per cent gain in the Nifty FMCG index.
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