Hindustan Unilever rose 0.61% to Rs 807.35 at 9:21 IST on BSE after the company sold its bread and bakery business under the Modern brand to Nimman Foods for an undisclosed amount.
The announcement was made after market hours yesterday, 8 September 2015.
Meanwhile, the BSE Sensex was up 356.38 points, or 1.41%, to 25,674.25.
On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 1.15 lakh shares in the past one quarter.
The stock hit a high of Rs 810 and a low of Rs 805 so far during the day. The stock hit a record high of Rs 979 on 11 March 2015. The stock hit a 52-week low of Rs 708 on 28 October 2014.
The stock had underperformed the market over the past one month till 8 September 2015, sliding 11.42% compared with 10.34% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, falling 1.16% as against Sensex's 4.54% decline.
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The large-cap company has an equity capital of Rs 216.39 crore. Face value per share is Re 1.
Hindustan Unilever (HUL) announced that it signed an agreement for the sale and transfer of its bread and bakery business under the "Modern" brand to Nimman Foods, an investee company of the Everstone Group, for an undisclosed consideration. The decision is in line with the company's strategy to exit non-core businesses, while continuing to drive its growth agenda in the core packaged foods business. HUL's bread and bakery business consists of a full range of white and sweet breads, health and wellness breads and value added bakery products such as cakes, muffins, buns, pavs, cream rolls under the "Modern" brand name. The business currently has six own operating manufacturing units and a network of franchisees across India, the company said.
Hindustan Unilever's net profit rose 0.21% to Rs 1059.14 crore on 5.3% growth in net sales to Rs 7973.37 crore in Q1 June 2015 over Q1 June 2014.
HUL is India's largest fast moving consumer goods (FMCG) company.
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