The FMCG giant Hindustan Unilever reported a rise of 16.42% in the standalone net profit to Rs 1,276 crore for the July-September quarter beating the Reuters estimate of Rs 1,185 crore. The company posted a net profit of Rs 1,096 crore in the corresponding period a year ago. The second-largest fast moving consumer goods maker by market capitalisation HUL declared an interim dividend of Rs 8 per equity share of face value Re 1. The transition to GST impacted trade purchases in the early part of the quarter while the consumer offtake remained stable, HUL said.
The company’s total income dipped 25.19% to Rs 8,733 crore for the quarter ended 30 September as compared to Rs 8,513 crore for the same quarter last year. The company said comparable consumer growth in the domestic market grew by 10%. The trade conditions will continue to improve as the wholesale channel is steadily normalising, the company said in an exchange filing. The record date for the dividend of Rs 8 was fixed as 2 November 2017 and it will be paid to the shareholders on or after 14 November 2017.
Shares of Hindustan Unilever rose 0.92% to hit the day’s high of Rs 1282.9 before closing 0.18% higher at Rs 1273.55 on BSE. The stock of HUL had returned over 50% since January 2017 while the key equity indices Sensex and Nifty have returned 24-25% in the same period.
Indian stock markets closed at lifetime highs on Wednesday led by the rally in PSU bank stocks after Narendra Modi government announced a mega plan of Rs 2.11 lakh crore to recapitalise state-run lenders. The total turnover on NSE Nifty clocked Rs 25,922.11 crore while Nifty Bank saw trades worth Rs 24,450.68 crore. BSE Sensex gained as much as 509.99 points to hit the all-time high of 33,117.33 points while NSE Nifty added 132.85 points to mark the record high of 10,340.55 points. Shares of State Bank of India, Punjab National Bank rallied up to 48% while HDFC, HDFC Bank, and Kotak Mahindra Bank lost up to 5%. The benchmark Sensex rose 435.16 points or 1.33% to close at 33,042.5 points and NSE Nifty jumped 87.65 points or 0.86% to finish at 10,295.35 points.