FMCG stocks have taken centre stage on Dalal Street ever since the all-powerful GST Council announced a slew of rate cuts on everyday essential items, delivering on the PM’s promise of a “big Diwali gift” in the form of “substantial” rate cuts in the indirect taxation system.
Here’s how foreign brokerages Jefferies and BofA Securities view FMCG giant HUL at the current juncture on Dalal Street.
At 10:20 am, the Hindustan Unilever Ltd (HUL) stock traded flat at Rs 2,626 apiece, underperforming a quarter percentage gain in both main indices.
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What Jefferies says on HUL
Jefferies has maintained a ‘buy’ rating on Hindustan Unilever Ltd (HUL) with a target price of Rs 3,000, indicating a potential upside of about 14 per cent from the previous day’s closing price.
Recently, Unilever CEO Fernando Fernandez, appointed in March 2025, outlined his strategic priorities at an investor conference, stating that India has stood out as a core growth market.
Jefferies’ positive outlook on HUL stems from his remark that “not a penny will be spent outside of the US and India”, referring to acquisitions.
The brokerage also showed confidence in the leadership of Priya Nair, CEO and Managing Director of HUL, stating that it remains strong.
What BofA says on HUL
Meanwhile, BofA has raised their target price from Rs 2,630 to Rs 2,840, maintaining its ‘neutral’ rating.
Its revised target price implies a potential upside of around 8 per cent from the previous close.
The brokerage has highlighted the message of “transformation at Unilever, with India at the core” from the parent, which notes the group’s emphasis on volume growth could bode well for HUL.
BofA said Unilever’s aspirations for HUL have been clearly spelt out and the actual delivery is now key.
There is a clear emphasis on volume growth now and India seems a must-win market for the grgroup,s the disproportionate investment (including M&A) is directed to India, according to the brokerage.
