Shares of FMCG major Hindustan Unilever Limited (HUL) gained over 2 per cent in early trade on Bombay Stock Exchange (BSE) after the brokerage firm UBS upgraded company to "buy" from "neutral".
The brokerage has upgraded HUL target price to Rs 540 from Rs 500, citing expectations for a "strong" business outlook and the prospect of rising volumes for its products.
Buoyed by development, shares of the company gained as much as 2.23 per cent to trade at Rs 463.55 a piece on the BSE.
In a similar fashion, shares of the company were quoting at Rs 462.35 a piece, up 1.95 per cent on the National Stock Exchange (NSE).
Meanwhile, the broader benchmark Sensex was quoting at 19,010.89, up 2.79 points or 0.01 per cent at 9:55 hours.