Nifty FMCG pulls back from fresh record highs, but in green; HUL nosedives after Q1; Jubilant Foodworks hit new high

The index pulled away from its fresh 52-week high of 36,734 that was recorded earlier today.

Jul 22, 2021 02:07 IST India Infoline News Service

The Nifty FMCG pared early gains, however, traded in the green in the second half of Thursday's session. The index gave away gains after heavyweight Hindustan Unilever (HUL) nosedived after June 2021 quarterly results. The index traded flat with 9 stocks advancing and 6 scrips declining.

At around 2.42 PM, Nifty FMCG was trading at 36,242.60 up by 12.35 points or 0.03%. The index pulled away from its fresh 52-week high of 36,734 that was recorded earlier today.

HUL stock was near its record high level in the early deals. However, the stock scrapped its gain and was trading at Rs2,387.10 per piece down by nearly 2%. The stock was the top underperformer on Nifty FMCG.

HUL reported 12.83% growth yoy in total sales revenues for the Jun-21 quarter on a consolidated basis at Rs11,915cr. Net profits for the Jun-21 quarter were up 9.57% on a yoy basis at Rs2,061cr even as sequential profits fell by -3.83% on COVID 2.0 effect. Margins have also been impacted by all-around inflation in input costs.

Further, on the index, Varun Beverages slipped over 1%, while Marico plunged 0.5%.

Other stocks like Dabur, PGHH and Britannia traded marginally lower.

On the positive front, Jubilant Foodworks touched a new 52-week high of Rs3,513 per piece. The stock was the top gainer and surged by more than 11% currently. In Q1FY22, the company reported a 129.96% fall in total revenues for the Jun-21 quarter on a consolidated basis at Rs893.19cr  as a spurt in same-store sales and home delivery gave a boost to the top-line numbers. The net profit for the Jun-21 quarter turned around to a net profit of Rs69.52cr against a net loss of Rs-73.9cr in the Jun-20 quarter.

Meanwhile, Mcdowell and Emami surged by 2.9% and 2.6% respectively. United Breweries jumped nearly 1.9%.

Colgate Palmolive and Godrej Consumer Products surged more than 1% each. Tata Consumer advanced by 0.5%. Nestle climbed marginally.

ITC traded marginally on reports that the government is planning to divest its 7.93% stake in the company to meet the disinvestment target.

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