HUL shares fall on slew of downgrades
MUMBAI (Reuters) - Shares in Hindustan Unilever extend their fall on Wednesday after a number of investment banks, including Credit Suisse and Nomura, cut their ratings on slower-than-expected volume growth and a hike in royalty payments.
On Tuesday, Hindustan Unilever Ltd (HUL), India's largest consumer goods maker, reported a 16 percent jump in third-quarter net profit, and reported low volume growth and a rise in royalty payments.
At 1:53 p.m., the shares were down 4.85 percent at 457.60 rupees, after falling nearly 7 percent in trade earlier.
(Reporting by Manoj Dharra and Abhishek Vishnoi; Editing by Sunil Nair)
- Tweet this
- Share this
- Digg this
India's battle with inflation and weak economic growth became more challenging on Thursday with a sharp spike in the cost of food driving the highest retail price rises on record and a worse-than-anticipated contraction in industrial production. Full Article
Amount of dirty money leaving developing world jumped 14 pct in 2011 - report. Full Article