HUL shares in focus as board approves 14.3 per cent stake acquisition in Lucro Plastecycle
Meanwhile, equity benchmark indices Sensex and Nifty opened on a negative note on Friday but soon recovered the lost ground and were trading with gains as fresh foreign fund inflows supported investors' sentiments.
Shares of FMCG major Hindustan Unilever Ltd are in action today as the company's board has approved an undisclosed investment to acquire a 14.3 per cent stake in recycled flexible plastics firm Lucro Plastecycle, according to a regulatory filing.
The counter opened in green at Rs 2,245 on the BSE against the previous close of Rs 2,241.80. It gained further to touch the high of Rs 2,253, a gain of .49 per cent from the closing price of the previous session.
Lucro Plastecycle Pvt Ltd (Lucro) is a well-integrated waste management, recycling and product manufacturing company, working to create a circular plastics economy for a better tomorrow, it noted.
"This investment is a significant step in building the capabilities in recycling and developing the circular economy model for plastic, which is in line with our firm belief that what is good for India is good for HUL," HUL CEO and MD Rohit Jawa said.
HUL further said that the investment aims to strengthen plastic circularity by increasing the availability of recycled content for flexibles, providing a roadmap for businesses to move towards sustainable plastic packaging and address the challenge of hard-to-recycle flexible plastic.
Lucro Managing Director Ujwal Desai said, "This investment by HUL paves the way for increasing our recycling capacity, driving large-scale commercial adoption of post-consumer resin and setting a new benchmark for sustainable plastics".
The 52-week high of the stock is Rs 3,034.50 and the 52-week low is Rs 2,136. The market cap of the company is Rs 5,28,658 crore.
According to data available on the BSE, the counter has given a return of 0.24 per cent in one year and has corrected over 24 per cent in six months. However, the stock has gained 3.32 per cent in one week.
Meanwhile, equity benchmark indices Sensex and Nifty opened on a negative note on Friday but soon recovered the lost ground and were trading with gains as fresh foreign fund inflows supported investors' sentiments.
The 30-share BSE benchmark Sensex declined 252.8 points to 76,095.26 in early trade. The NSE Nifty dropped 57.85 points to 23,132.80.