Hindustan Unilever Sees Stock Dip Despite Strong Earnings

Hindustan Unilever Ltd's shares fell nearly 4% post its December quarter earnings, despite the company reporting a 19.18% increase in profit, largely due to the sale of its 'Pureit' business. The company also announced acquiring a majority stake in Uprising Science Pvt Ltd and demerging its ice cream segment.

Shares of Hindustan Unilever Ltd witnessed a decline of nearly 4% in morning trade on Thursday, following the announcement of its December quarter earnings that did not meet investor expectations.

The stock dropped 3.8% to Rs 2,253.85 on the NSE, while on the BSE, it slipped 3.75% to Rs 2,255. This decline comes despite the broader market trading positively, with the BSE Sensex rising by 164.36 points and the NSE Nifty increasing by 63.45 points.

The FMCG giant reported a consolidated net profit rise of 19.18% to Rs 2,989 crore, driven by the sale of its 'Pureit' business. In strategic moves, HUL is set to acquire a 90.5% stake in Uprising Science Pvt Ltd and has approved the demerger of its ice cream business into Kwality Wall's (India) Ltd.

(With inputs from agencies.)