FMCG shares gain as Cabinet clears MSP for khariff crops; HUL hits new high

Shares of fast moving consumer goods companies (FMCG) have moved higher by 12% after the Cabinet Committee for Economic Affairs on Wednesday cleared an increase in the Minimum Support Price (MSP) for kharif crops for the 2018-19 season.

Kohinoor Foods, LT Foods, IFB Agro Industries and Radico Khaitan from the S&P BSE FMCG index were up in the range of 5% to 12% on the BSE.  Gillette India, Bajaj Corp, Kaveri Seed Company, Colgate-Palmolive (India) and Jyothy Laboratories up between 1% and 3%, while Hindustan Unilever up 2% to Rs 1,673, hit a new high on the BSE.