Hindustan Unilever Limited, the FMCG major company, on the back of better than estimated financial results reported for the quarter ended June, hit a fresh 52-week high of Rs. 1,195 today.
The company reported a 9% increase in net profit which stood at Rs 1,283 crores against its Rs. 1,174 crore in the same period last year while some of the other verticals showed muted growth due to destocking ahead of the GST roll-out.
The brokerage houses maintained a neutral outlook for the stock and a target share price of Rs. 1200. "We remain positive on the medium-term outlook for the industry and will continue to drive consumer value, which also delivers profitable volume driven growth for the company", said Harish Manwani, Chairman of HUL.
Brokerage houses hold different outlook for the company. Citi and Credit Suisse maintain a neutral outlook while Morgan Stanley hold a underweight rating for the stock.