The shares of Hindustan Unilever Limited gained marginally on the last trading day of the week and reached its new 52-week high of Rs 2,741.60 in the early hours. The scrip rallied after the company announced that it has entered into the fast-evolving health & wellbeing segment in India which is estimated to be worth Rs 30,000 crore over the next four-five years.
On Thursday, the company announced it has acquired a majority stake in Zywie Ventures, which is engaged in selling plant-based and clean-label consumer wellness products under the brand name Oziva for a consideration of Rs 264.28 crore.
In addition to that, the company is also planning to acquire a 19.8 per cent stake in Nutritionalab which sells its products under the name Wellbeing Nutrition, for Rs 70 crore.
Based on the development, brokerage firm Nomura remains bullish on the stock and has assigned a ‘Buy’ tag with a target of Rs 3,175 per share which represents an upside of 16% from the current levels.
Hindustan Unilever Limited (HUL), a subsidiary of Unilever, is an FMCG company whose products include foods, beverages, cleaning agents, personal care products, water purifiers, and other consumer goods.
In Q2FY23, the company reported a total revenue of Rs 15,144 crore which increased from Rs 13,046 crore Year on Year (YoY). Their profits in the period stood at Rs 2,670 crore which was a marginal increase from Rs 2,182 crore in Q2FY22.
Written by Anoushka Roy
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