Shares of FMCG major Hindustan Unilever Ltd rose by more than 2 per cent after the company said it will split its Foods and Refreshments (F&R) business into two separate units in line with its global category structure.
After a positive opening, shares of the company climbed 2.23 per cent to Rs 888.15 on BSE. At NSE, the stock gained 2.28 per cent to Rs 888. Later, the scrip closed 1.86 per cent up at Rs 884.90.
The company also announced appointment of Sudhir Sitapati as Executive Director, Refreshments.
“The F&R business will now be organised into two separate businesses of Foods and Refreshments. Sudhir Sitapati currently Regional Category Vice President, Refreshments (South Asia & Africa), Unilever, will be inducted into the management committee of HUL as Executive Director, Refreshments,” HUL had said in an NSE filing on Thursday.
The company said this change is in alignment with the category structure of Unilever globally.
“The reorganisation into two separate businesses will enable sharper focus and help to fully leverage the growth opportunities in line with HUL’s ambitions,” it added.