By CNBCTV18.com IST (Updated)
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Hindustan Unileverl Ltd (HUL) shares rose on Thursday as the FMCG major conducted its 89th annual general meeting (AGM).
Hindustan Unilever Ltd (HUL) shares rose on Thursday, shrugging off wild swings on Dalal Street, as the FMCG major conducted its 89th annual general meeting (AGM).
"HUL has been an integral part of India growth story... People now demand products that have functional benefits and are good for the environment," said HUL Chairman Nitin Paranjpe, in his first speech after taking charge in March.
'The company crossed the Rs 50,000-crore turnover mark in the last decade, more than doubled the turnover, tripled EBITDA (earnings before interest, taxes, depreciation, and amortisation) and quadrupled market cap," he said.
He also said HUL remains committed to achieving net zero emissions for all its products from sourcing to point of sale by 2039.
It has reduced CO2 emissions per tonne by 94 percent compared to the 2008 baseline, Paranjpe added.
HUL shares gained by as much as Rs 36.2 or 1.6 percent to Rs 2,245 apiece on BSE.
| Stock/index | Return | ||
| One week | One month | One year | |
| HUL | 6.2% | -5.7% | -9.5% |
| Nifty50 | 0.30% | -4.9% | -2.3% |
| Nifty FMCG | 0.9% | -4% | 1.8% |
The company's annual general meeting comes at a time when FCMG manufacturers are struggling to protect their margins against rising input costs despite rising sales.
At the company's 88th AGM, Hindustan Unilever's top management had exuded confidence that India is poised for unprecedented growth, with the pandemic only being a pause in the country's consumption story.
FMCG companies such as HUL have taken a series of price hikes to tackle surging input costs at a time when central banks have lined up aggressive increases in pandemic-era interest rates to tame a four-decade high.
First Published: IST
