May 18, 2018 / 9:34 AM / 3 months ago

BUZZ-India's Hindustan Unilever briefly surpasses ITC in mkt cap

** Consumer company Hindustan Unilever Ltd (HUL) momentarily crosses rival ITC Ltd to become the fourth-largest company on the National Stock Exchange

** Hindustan Unilever’s shares surge as much as 2.2 pct to a record 1604.50 rupees

** At Friday’s high, HUL’s market cap was 3,473 bln rupees ($51.01 bln) vs ITC’s market cap of 3,472 bln rupees

** HUL stock breaks above a resistance at 1,595 rupees, the 50 pct Fibonacci projection level of the uptrend from the low of Dec 23, 2016 to the high of Jan 30, 2018

** Breakout is supported by volume, stock’s 5-day average volume is 97 pct higher than its 30-day average volume

** A close above 1,595 rupees may lead to gains towards 1,669 rupees, the 61.8 pct projection level

** Stock up 55.5 pct in the last one year as of Thursday, outperforming ITC’s nearly 6 pct gain in the same period

** Nifty FMCG index rose 17.4 pct in the past one year ($1 = 68.0200 Indian rupees)

Reporting by Tanvi Mehta and Gaurav Dogra

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