Hindustan Unilever Limited (HUL) shares recovered initial losses to move up almost one percent on Thursday, as the fast-moving consumer goods giant geared up for an annual investor meeting later in the day. In morning deals on Thursday, the stock came within inches of a record high registered earlier this week.
At 10:48 am, the HUL stock traded with a gain of 0.6 percent at Rs 2,815 on BSE, outperforming the headline S&P BSE Sensex index, which was flat. The stock's intraday performance was in line with the S&P BSE FMCG gauge, which was also up 0.6 percent.
Hindustan Unilever will conduct an annual meeting of investors from 11 am to 5 pm on Thursday.
Analysts await updates from the annual meeting, which is taking place after a year's gap. They expect announcements on HUL's strategy on digital transformation, post-Covid behaviour, bolt-on acquisitions and future growth outlook.
The company is also expected to spell out its medium- and long-term strategies.
Hindustan Unilever has hiked the prices of products in the laundry and skin cleansing categories. HUL raised the prices of detergents and soap bars by 3.5-14 percent in the past month, according to distributor sources. For smaller packs, the company is said to have reduced grammage, while keeping the MRP intact.
The price hikes come at a time when FMCG companies have been facing high inflationary pressures with rising palm oil and its byproducts.
HUL shares have hit a series of milestones in the recent past.
HUL's market capitalisation stood at Rs 6.6 lakh crore on Thursday morning, having recently touched the Rs 6.5 lakh crore mark for the first time.
Hindustan Unilever had not hosted an annual investor meeting last year.