Nifty FMCG under pressure as heavyweight Nestle dives 3% after quarterly result; Emami, HUL drags too

The Nifty FMCG index has touched an intraday high and low of 33,726.90 and 33,421.45 respectively.

Feb 17, 2021 01:02 IST India Infoline News Service

Stock quotes and silhouette of a bear
FMCG stocks were under pressure on Wednesday as heavyweight stocks drag the sector most. Nestle was the top underperformer followed by HUL and Emami which also weighed in the performance. Also, a bearish market tone added to the woes.

At around 1.47 pm, Nifty FMCG was trading at 33,451 lower by 273.50 points or 0.81%. The index has touched an intraday high and low of 33,726.90 and 33,421.45 respectively.

Nestle dives 3% after the company missed estimates in fourth-quarter ending December 2020. In the last quarter of the year 2020, Nestle saw a sequential decline in both bottom-line and top-line front.

In the latest quarter, Nestle posted a net profit of Rs483.3cr marginally up from Rs472.6cr of December 2019 period, but lower from Rs587.09cr of September 2020 quarter. Meanwhile, revenue from operations stood at Rs3,432.58cr in the quarter ender review, against Rs3,149.29cr of December 2019 and Rs3,541.70cr of September 2019.

Further, on the index, Emami tumbled by 2% followed by HUL dipping 1.4%. Other major stocks like ITC, Mcdowell, Britannia and Procter & Gamble Hygiene tumbled nearly 1% each.

Stocks like United Breweries, Godrej Consumer and Dabur dips between 0.25-0.5%.

On the positive front, Varun Beverages took lead soaring by nearly 5%. The company reported 9.02% steady growth in total revenues for the Dec-20 quarter on a consolidated basis at Rs1,351.34cr. The consolidated net loss for the Dec-20 quarter narrowed to almost one-third at Rs19.73cr compared to a net loss of Rs59.31cr in the year-ago period.

Meanwhile, Marico and Colgate jumped by nearly 1%. However, Tata Consumer and Jubilant Foodworks were trading flat. 

Related Story

Explore Important Blogs