Hindustan Unilever (HUL) has moved higher by 3% at Rs 540, its record high on the Bombay Stock Exchange (BSE) on revival of monsoon. The stock opened at Rs 531 and has seen 2.01 million shares changing hands on the counter so far on both the exchanges.
The FMCG heavyweight has outperformed the market, rising 22% post Q1 earnings as compared to 4.7% gain in benchmark Sensex since July 23.
FMCG stocks extended recent gains triggered by revival of monsoon rains. FMCG firms derive substantial sales from rural India.
“HUL’s portfolio of strong brands, catering to the masses as well as the premium end of the market, will help to maintain the growth momentum in the coming quarters,” according to analysts at Sharekhan.