HUL gains for fourth day in a row, brokerages see more upside

The stock has gained 33 percent in the past six months and brokerages believe the rally will continue

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The share price of FMCG company Hindustan Unilever extended gains for a fourth straight day on September 22, gaining over 1.5 percent even as benchmark indices the 30-pack Sensex and the broader Nifty declined almost a percent each.

At 12.30 pm, the scrip was quoting Rs 2,670 on the NSE.

Ahead of the festive season, FMCG companies are seeing a rally. They are betting big on the festival season by ramping up supply chains, investing in marketing campaigns and lining up new packs. Managements are also expecting rural demand to make a robust comeback.

A recent report by Bizom says India’s FMCG market increased 6 percent in value in August compared to July, reversing the past three months of consecutive decline.

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Global brokerage firm Nomura expects HUL’s volumes to grow by 4-5 percent in Q2FY23. They have a “buy” rating on the stock with a target price of Rs 2,975.

“We expect the company to benefit from demand uncoiling in out-of-home categories. And, benefits of softening input cost will drive meaningful margin improvement from Q3,” it said.

Macquarie has an “outperform” rating with a target of Rs 3,000. “Our channel checks suggest steady demand. The demand strength should sustain volume growth momentum. Downside risks to margins are limited,” its analysts said in a note.

Analysts at Sharekhan like the stock for its leadership position in 80 percent of the portfolio. “Along with that, improving growth outlook and a healthy balance sheet with consistent cash flows makes it a best pick in FMCG space,” according to the brokerage firm. It has a “buy” rating with a target price of Rs 2,850.

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