Hindustan Lever gets institutional support

DALAL STREET SPIKES

FMCG major Hindustan Lever climbed 2.49 per cent on institutional buying support on Thursday. According to dealing room sources, the stock was lapped by a leading FII on Thursday.

Huge volumes of more than 30.03 lakh shares were accounted for on the counter, which included a block deal of 20 lakh shares on the BSE.

Analysts said that the reductions in corporate tax and customs duty, and the rise in disposable income due to cut in personal tax augurs well for the consumer goods companies such as HLL.

Also the renewed thrust on rural development could be positive for HLL, which has a huge presence in rural area, the analyst added. From a recent low of Rs 140.50, on February 25, the stock has appreciated 71.4 per cent to Thursday's close of Rs 150.40.