Hindustan Unilever soars 12% on MSCI, FTSE rebalancing

Moneycontrol Bureau

Hindustan Unilever (HUL) shares surged more than 12 percent intraday to hit an all-time high of 698.95 Wednesday on MSCI and FTSE rebalancing. The float of the stock will go up to 33 percent from 24 percent in FTSE All-World Index and All Emerging Index with effect from July 22. "Hindustan Unilever (India) will remain in the index with an unchanged shares in issue total of 2,15,94,71,968 and an increased investability weighting of 33 percent," FTSE said on its website. The changes were made by the exchange following the completion of a cash open offer by Unilever (United Kingdom) in Hindustan Unilever (India, Large Cap) and receipt updated Foreign Ownership Limted information. Meanwhile, the current float of FMCG major in MSCI India Index reduced to 30 percent from 40 percent effective today. HUL hikes product prices HUL has hiked Dove Lotion 400 ml pack price by 15 percent to Rs 299 while 250 ml Dove Lotion Pack will cost 11 percent more at Rs 200, reports CNBC-TV18 quoting agencies. Lakme deep pore cleanser (200 ml) price was increased by 36 percent to Rs 150 in June. Its personal care products' division posted a turnover of Rs 7309 crore, which was 29 percent of total revenue of Rs 25810 crore during the financial year 2012-13. The company's parent Unilever Plc closed its buyback offer in Indian arm. Anglo-Dutch consumer goods giant Unilever raised stake in HUL to 67 percent by spending more than Rs 19,000 crore on buyback offer in early July. The stock gained 9.04 percent to Rs 679.65 amid hefty volumes on the BSE. Trading volumes increased 11 percent to 17,37,483 equity shares as compared to its five-day average of 1,53,622 shares. Also Read - Open offer payment to HUL shareholders by July 18: Unilever