Hindustan Unilever (HUL) is trading lower by 3% at Rs 609 after its parent company Unilever said it expects underlying sales growth of 3 to 3.5% in July-September quarter due to weakening in the market growth of many emerging countries.
The emerging market slow-down has accelerated as a result of significant currency weakening. Developed markets remain flat to down, Unilever said in a press release.
In April-June quarter, Unilever had reported underlying sales growth of 5% with volume growth of 3%, while HUL’s domestic consumer business grew at 7% with 4% underlying volume growth.
The stock opened at Rs 630 and hit a low of Rs 607 in early noon deals on the NSE. A combined 847,000 shares have changed hands on the counter till 1055 hours on BSE and NSE.
The emerging market slow-down has accelerated as a result of significant currency weakening. Developed markets remain flat to down, Unilever said in a press release.
In April-June quarter, Unilever had reported underlying sales growth of 5% with volume growth of 3%, while HUL’s domestic consumer business grew at 7% with 4% underlying volume growth.
The stock opened at Rs 630 and hit a low of Rs 607 in early noon deals on the NSE. A combined 847,000 shares have changed hands on the counter till 1055 hours on BSE and NSE.