HUL shares fall on slew of downgrades

MUMBAI Wed Jan 23, 2013 1:53pm IST

Workers arrange consumable goods as a customer (back) shops at a grocery store in Lucknow July 6, 2009. REUTERS/Pawan Kumar/Files

Workers arrange consumable goods as a customer (back) shops at a grocery store in Lucknow July 6, 2009.

Credit: Reuters/Pawan Kumar/Files

Related Topics

Stocks

   

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)

FILED UNDER:

Economic Pulse

Reuters Showcase

Reaction to Budget

Reaction to Budget

India budget unlikely to impact credit rating - agencies  Full Article 

PMI Data

PMI Data

Factory activity growth slows to five-month low in Feb  Full Article 

Documents Leaked

Documents Leaked

Indian Oil suspends official for leaking information - sources  Full Article 

Coal Auction

Coal Auction

India examines coal mine bids amid reports of discrepancies  Full Article 

Ola Buys Rival

Ola Buys Rival

Ola buys rival TaxiForSure for $200 million  Full Article 

Priority Sector

Priority Sector

RBI revises priority sector lending norms  Full Article 

Global Economy

Global Economy

Global stimulus swells as China eases, ECB to start soon on QE  Full Article 

Steel Industry

Steel Industry

Steelmakers hit by uncertainty over import duty hike   Full Article 

HP Buys Aruba

HP Buys Aruba

HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage