Shares of Hindustan Unilever Ltd declined nearly 4 per cent in the morning trade on Thursday after the FMCG major's December quarter earnings failed to cheer the investors.
The scrip of the company fell 3.8 per cent to Rs 2,253.85 apiece on the NSE.
On the BSE, Hindustan Unilever Ltd's (HUL) slipped 3.75 per cent to Rs 2,255 per piece.
The market is trading in the positive zone. The 30-share BSE Sensex rose 164.36 points or 0.22 per cent to trade at 76,569.35 in the morning trade on Thursday. The broader NSE Nifty increased 63.45 points or 0.27 per cent to 23,218.80.
FMCG major Hindustan Unilever Ltd on Wednesday reported a 19.18 per cent rise in consolidated net profit at Rs 2,989 crore in the December quarter, boosted by the sale of its 'Pureit' business.
The company, which posted a consolidated net profit of Rs 2,508 crore in the same quarter of the last fiscal year, said it will acquire 90.5 per cent shareholding of Uprising Science Pvt Ltd -- the firm behind the premium beauty brand Minimalist -- comprising secondary buyout for a cash consideration of Rs 2,670 crore at a pre-money enterprise valuation of Rs 2,955 crore.
In the third quarter of the ongoing fiscal year, the growth in profit after tax was majorly on account of profit from the divestment of Pureit business, HUL said in a regulatory filing.
Consolidated total income in the third quarter was at Rs 16,050 crore as against Rs 15,781 crore in the year-ago period.
Total expenses during the quarter were higher at Rs 12,576 crore as compared to Rs 12,305 crore in the same period a year ago, it added.
HUL further said its board has approved the demerger of its ice cream business into Kwality Wall's (India) Ltd with one equity share of KWIL to be allotted for every one equity share held in Hindustan Unilever Ltd (HUL).
Upon demerger and listing of KWIL (Kwality Wall's India Ltd), the entire shareholding of KWIL will be held directly by shareholders of HUL.
