HUL share price drops as margin contracts, volume growth disappoints Street

The Markets Today in a nutshell

• Domestic benchmark indices ended with modest losses.
• Mixed global cues spoiled the sentiments. PSU banks, auto and IT shares were in demand. However, FMCG, private banks and financial shares corrected. Most shares in Europe and Asia declined on Tuesday as global investors assessed the outlook for monetary policy from the U.S. Federal Reserve and digested a swathe of corporate earnings.

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News you could use

? Vodafone India share prices drops as company plans to sell convertible bonds
The company’s board on October 21 approved a plan to sell Rs 1,600 crore worth of convertible bonds to ATC Telecom Infrastructure. The funds will be used to pay some of the pending dues to the tower operator.

? Nykaa share price falls below IPO price; HNI investor lock-in opens on Nov 10th.
Share price of Nykaa, fell 2.9 percent to drop below its initial public offering price of Rs 1,125. Pre-IPO investors’ lock-in expires on November 10. JM Financial is of the view that around 67 percent or 31.9 crore shares are likely to open for trade on the expiry day.

? HUL share price drops as margin contracts, volume growth disappoints Street
The company’s Q2FY23 EBITDA rose by 7.8 percent to Rs 3,377 crore but margins fell by 170 bps YoY from 24.6 percent to 22.9 percent. Underlying volume growth of 4 percent was also below Street expectations. Experts had pegged volume growth at 5 percent. The stock slumped 2.7 percent.

News from the IPO world?

• Utkarsh Small Finance Bank get SEBI nod to float IPO 
• Medanta hospital chain IPO to open on Nov 3
• DCX Systems IPO set to open on Oct 31

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