Buy Hindustan Unilever, target price Rs 2220: Anand Rathi

Anand Rathi has given a buy rating to HUL with a target price of Rs 2220. The share price moved up by 0.70 per cent from its previous close of Rs 2158.20. The stock’s last traded price is Rs 2173.25.

Hindustan Unilever Ltd., incorporated in the year 1933, is a Large Cap company (having a market cap of Rs 506762.70 Crore) operating in FMCG sector.

For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 10572.00 Crore, up 16.46 % from last quarter Sales of Rs 9078.00 Crore and up 3.39 % from last year same quarter Sales of Rs 10225.00 Crore. The Company reported net profit after tax of Rs 1897.00 Crore in latest quarter.

Investment Rationale
HUL had witnessed a trend line breakout on the daily chart during first week of Oct 2020 and was then consolidating. Now again the stocks has come out of a small range wherein it is poised to move higher. During the price action; the stock has managed to come above the blue line as shown in the chart and that line is the 200 DSMA. This is a sign of strength. Thus traders can buy the stock with given setup in the range of Rs 2164 –Rs 2156.

Promoter/FII Holdings
Promoters held 61.9 per cent stake in the company as of June 30, 2020, while FIIs held 14.8 per cent, DIIs 8.3 per cent and public and others 15 per cent.

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