Nifty FMCG dives over 1% as major firms announce Q2 result; Britannia, Dabur, HUL weighs

Colgate-Palmolive will present its Q2 result today, followed by Nestle who is set to announce September quarter earning on October 23, 2020.

Oct 21, 2020 02:10 IST India Infoline News Service

FMCG stocks dragged benchmark indices during the second half trading session on Wednesday. The index is in focus after major firms like Britannia Industries and Hindustan Unilever (HUL) announced their September 2020 (Q2FY21) earnings.

At around 2.29 PM, Nifty FMCG plunged by 424.95 points or 1.42% and was trading at 29,539.65. The index has slumped to the day's low of 29,483.20.

Britannia took lead in the most underperforming stock and was trading at Rs3,396.40 down 4.41%, followed by Tata Consumer at Rs461.25 below 3.48%, Dabur at Rs511.50 per piece lower by 3.13%, Jubilant Foodworks at Rs2,241.15 per piece below 2.14%, Colgate-Palmolive at Rs1,435.05 per piece down 1.78% and Marico at Rs361.20 per piece below 1.67%.

Major stocks like HUL, Nestle, Godrej Consumer Products also dipped by 1% each.

Britannia Industries registered a consolidated net profit of Rs495.20cr in Q2FY21, compared to a profit of Rs405.37cr recorded in the corresponding period of the previous year, registering a growth of 23%. Consolidated revenue from operations increased by 12.1% to Rs3,419.11cr in the quarter under review, as against Rs3,048.84cr a year ago same period.

Britannia has extended losses for the second consecutive day.

Meanwhile, HUL posted a consolidated net profit of Rs1,974cr in the quarter under review, compared to a profit of Rs1,818cr in the corresponding period of the previous year, resulting in an 8.6% growth. Consolidated revenue from sales of products stood at Rs11,510cr in Q2FY21, increasing by 15.19% from Rs10,223cr a year ago same period.

Colgate-Palmolive will present its Q2 result today, followed by Nestle who is set to announce September quarter earning on October 23, 2020.

UBL, Emami and ITC also dragged the performance.

Procter & Gamble Hygiene and Mcdowell were the only gainers on the index. 

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