HUL edges higher after subsidiary sells certain leather business

Hindustan Unilever rose 0.28% to Rs 819.50 at 12:00 IST on BSE after the company's subsidiary entered into an agreement with Hindustan Foods for sale of certain movable assets and inventory of leather business.

The announcement was made during market hours today, 16 December 2016.

Meanwhile, the S&P BSE Sensex was down 31.59 points or 0.12% at 26,487.48.

On the BSE, 19,217 shares were traded in the counter so far as against average daily volume of 70,041 shares in the past one quarter. The stock had hit a high of Rs 820.50 and a low of Rs 815.75 so far during the day. The stock had hit a 52-week high of Rs 954 on 9 September 2016. The stock had hit a 52-week low of Rs 765.35 on 27 January 2016.

Hindustan Unilever (HUL) announced that Pond's Exports (PEL), a subsidiary of HUL, engaged in the business of manufacturing of leather products, has entered into an agreement with Hindustan Foods for sale of certain movable assets and inventory with respect to the leather business of PEL.

Hindustan Foods has thus made an entry in the leather shoes exports space with a global clientele.

HUL's net profit rose 11.5% to Rs 1095.60 crore on 1.3% rise in net sales Rs 7697.55 crore in Q2 September 2016 over Q2 September 2015.

HUL is a leading fast moving consumer goods (FMCG) company.

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