Hindustan Unilever (HUL) shares gained nearly 1 per cent on the BSE ahead of the June quarter results slated to be announced later in the day. The shares of Hindustan Unilever touched an intra-day high of Rs 2,350, up 0.8 per cent, in early trading before coming off marginally. At 9:45 am, the shares were trading at Rs 2,340, up 0.4 per cent, on the BSE.
The fast-moving consumer goods (FMCG) giant had reported a 3.5 per cent decline in consolidated net profit to Rs 1,515 crore in quarter ended March 2020 as the company's operations were affected by the spread of COVID-19. The FMCG giant had reported profit of Rs 1,571 crore during the same quarter last year.
Hindustan Unilever's revenue from sale of products fell nearly 10 per cent to Rs 9,055 crore in the March 2020 quarter from Rs 10,018 crore in March quarter of last year.
In related news, Hindustan Unilever recently re-branded its skin-lightening cream 'Fair & Lovely' to 'Glow & Lovely,' after facing backlash that the name promoted negative stereotypes towards darker skin tones.
The company's skin cream for men will be called 'Glow & Handsome', Hindustan Unilever had then said, and the products with the new brand name would appear on shelves over the next few months.
The BSE Sensex was trading at 37,867, higher by 440 points or 1.1 per cent and the NSE Nifty was at 11,150, up 128 points or 1.1 per cent at the time.