Fast moving consumer goods (FMCG) major Hindustan Unilever became the country's third most valued company on Tuesday. Hindustan Unilever's market capitalisation or market value surpassed over Rs 5 lakh crore for the first time, becoming the third most valued Indian company after Reliance Industries and Tata Consultancy Services (TCS). Hindustan Unilever's share price surged as much as 11.41 per cent to hit an all-time high of Rs 2,399.40 on the BSE. On the National Stock Exchange, Hindustan Unilever shares rose as much as 11.25 per cent to hit Rs 2,401.80.
FMCG and pharma shares have been witnessing buying interest ever since the 21-day lock down was implemented on March 27 to limit the outbreak of deadly coronavirus (COVID-19).
Since March 27, gauges of FMCG and pharma shares on the National Stock Exchange have surged 10.4 per cent and 20 per cent each respectively. FMCG and pharma stocks have also outperformed the benchmark Nifty 50 index since the country entered lock down. Nifty has plunged 6.45 per cent since the lock down began.
FMCG and pharma shares are gaining on the back of strong demand for their products as country battles the deadly coronavirus pandemic, analysts said.
Other FMCG shares such as ITC, Britannia Industries, Nestle India, Dabur, Emami, Marico, Tata Consumer Products, Jubilant FoodWorks and Colgate Palmolive were also trading higher 5-10 per cent each.
As of 2:12 pm, Hindustan Unilever was trading 11 per cent higher at Rs 2,390, outperforming the Nifty which was up 7.2 per cent.
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