HUL hits record high on Q1 profit

Shares of Hindustan Unilever hit a record high as net profit beats estimates.

Hindustan Unilever stock rose as much as 3.2 per cent to a record high of Rs 1,195.05.

The company has reported a 9 per cent increase in June-quarter net profit at Rs 1,283 crore ($199.42 million), beating expectations.

Deutsche Bank has raised the consumer goods maker's target price to Rs 1,200 from Rs 1,050, and has kept the “buy” rating.

It says Hindustan Unilever enjoyed “superior execution” in the previous quarter, and has cited positive trends such as "premiumisation” in homecare division, launch of herbal and natural brand.

The stock was on track for seventh consecutive session of gains. Up to Tuesday's close, the stock had risen 40.1 per cent this year compared with a 20 per cent gain in the broader NSE index.