Hindustan Unilever Ltd recorded fresh highs on Friday, amid the rally in FMCG stocks, surpassing market capitalisation of ₹6 lakh crore.

Hindustan Unilever closed at ₹2617.55 on the BSE, up ₹133.45 or 5.37 per cent. It recorded a fresh 52-week high of ₹2628.85, while the company's M-cap at closing stood at ₹6,15,016.63 crore. It had opened at ₹2,490 as against the previous close of ₹2484.10

With Nifty FMCG closing over 2 per cent higher in a weak market, HUL was the top gainer on the NSE, closing at ₹2,606.90, up ₹120.85 or 4.86 per cent. It recorded a fresh 52-week high of ₹2,630.00.

In the past seven trading session, the stock of the company rallied 7 per cent.

In its earnings update last month, the company had posted a consolidated net profit of ₹2,100 crore in the first quarter of the financial year 2022. This was 10.7 per cent higher than the ₹1,897 crore posted at the same time last year.

Revenue from operations also improved to ₹11,996 crore in Q1 FY22, compared to ₹10,570 crore in Q1 FY21. While volume rose 9 per cent year-on-year, volume growth slowed sequentially.

Axis Securities had maintained a 'Buy' rating on the stock, valuing it at 50x FY24E EPS to arrive at a revised target price of ₹2,670.

"We expect growth traction in the OOH business to improve sequentially with progressive lockdown easing and higher movement of people, driving growth in the near term," it had said.

Emkay Global had maintained a Hold rating on the stock with a target price of ₹2,330.

Most recently, the company has partnered with QSR chain Pizza Hut, where the latter will offer Kwality Wall’s ice-creams and desserts at its restaurants as well as through delivery and takeaway menu.

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