HUL shares down after Unilever warns of slow India sales
Shares of Hindustan Unilever fell today after investors turned bearish on the stock as parent Unilever warned on Monday that a slowdown in emerging markets accelerated in the July-September quarter.<br /><br />
Shares of Hindustan Unilever fell today after investors turned bearish on the stock as parent Unilever warned on Monday that a slowdown in emerging markets accelerated in the July-September quarter.
According to Reuters, the Anglo-Dutch consumer goods major warned it now expects underlying sales growth of 3 to 3.5 percent during the period.
Developed markets remained flat to down, it said, and overall Unilever said it was on track to meet its 2013 priorities. It attributed the emerging markets slowdown to a significant currency weakening.
"We continue to grow ahead of our markets and expect underlying sales growth to improve in quarter four," Chief Executive Paul Polman said.
At 1:37 p.m, the stock was down 1.3 percent at Rs 619.50.
"I would not be a buyer in HUL especially after today's trading session and the way in which the stock has moved in today's trading session. There is a small breakdown, but Rs 580 is a decent support. So testing Rs 580 is quite likely for HUL," Shardul Kulkarni of Angel Broking told CNBC-TV18 earlier today.
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