Six Stocks In News At Noon: Nestle, Hindustan Unilever, Tata Consumer Among Others

Several stocks made headlines on Thursday as Indian markets fell after a seven-day winning streak.

At noon, the Nifty 50 was down 0.26% at 24,265, while the Sensex fell 0.33% to 79,856. Nestle India Ltd., Hindustan Unilever Ltd., Tata Consumer Products Ltd., Syngene International Ltd., LTIMindtree Ltd., and Gensol Engineering Ltd. were among stocks that saw major movement.

Here is why.

Shares of Nestle India dropped by 1.15% to Rs 2,405 after the company released its fourth-quarter results. The net profit fell to Rs 885.4 crore, down from Rs 934 crore a year ago, due to higher raw material costs. Revenue increased by 4.5% to Rs 5,503.8 crore, close to Bloomberg's estimate of Rs 5,495 crore.

HUL's shares slipped 4% following its fourth-quarter profit report, which met expectations but offered little additional positive news. The standalone net profit rose 4% year-on-year to Rs 2,493 crore, in line with Bloomberg's estimate of Rs 2,482 crore. Margins were pressured by rising raw material costs.

Tata Consumer Products Ltd.'s shares fell over 4% as its fourth-quarter margins were impacted by higher tea costs, despite a jump in net profit. Margins contracted to 13.5% from 16.0% in the previous quarter. Net profit surged 59% to Rs 344.85 crore, exceeding analysts' expectations of Rs 255 crore.

Syngene International Ltd. saw a 10% decline in its share price after its fourth-quarter earnings fell short of market expectations. Revenue increased by 11% to Rs 1,018 crore, but this was below the Bloomberg estimate of Rs 1,048.8 crore. The company's market capitalisation dropped significantly.

LTIMindtree Ltd.'s share price declined nearly 2% after its fourth-quarter earnings report. Despite an increase in net profit to Rs 1,128 crore, up 4% sequentially, the share price fell. The board also recommended a final dividend of Rs 45 per share.

Gensol Engineering Ltd.'s stock remained stuck in a 5% lower circuit, continuing its downward trend following allegations of promoter fraud. The company's share price has been on a five-day losing streak amid the controversy.