News for KWALITY LIMITED (KWALITY.BO)

In the Nifty 50 index, 42 stocks ended in the green, while 8 stocks closed in the red in today's trade.

In the Nifty 50 index, 26 stocks ended in the green, while 24 stocks closed in the red in today's trade.

Hindustan Unilever Ltd announced the acquisition of premium skincare brand Minimalist for ₹2,955 crore on Wednesday, January 22. The FMCG giant also recorded a 19% year-on-year growth in net profits for its Q3 results.

Hindustan Unilever Ltd. has approved the demerger plan for its ice cream operations. Shareholders of the company will get one share of the Kwality Wall's business upon the demerger. The resultant company is proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange. HUL's ice cream business undertaking operates brands such as Kwality Wall’s, Cornetto and Magnum.

Under the demerger terms, each HUL shareholder will receive one KWIL share for every HUL share held. After the demerger and KWILs listing, KWILs entire shareholding will be directly owned by HUL shareholders. HUL stated that KWIL would become a leading listed ice cream company in India, managed by an experienced team with the flexibility and focus needed to implement strategies tailored to its unique business model and market dynamics, enabling it to achieve its full potential.

The Enforcement Directorate has provisionally attached assets worth Rs 442.85 crore linked to former promoters of Kwality Ltd due to an alleged Rs 1,400 crore bank loan fraud. The properties in Delhi, Haryana, and Punjab were owned through dummy companies. The ED found fictitious trading and fund diversion via shell companies.

Indian headline indices broke a four-session losing streak due to gains in banks and auto stocks, despite pressure on IT stocks. The December CPI inflation eased to a four-month low, contributing to the positive market sentiment. Analysts highlighted the formation of a bullish Harami Cross pattern on the Nifty chart.

The Enforcement Directorate seized Rs 1.3 crore in cash and evidence related to shell companies after raiding former Kwality Ltd. promoters. This is part of a Rs 1,400 crore bank fraud linked money laundering case. Luxury cars and demat accounts worth Rs 6.5 crore have also been frozen under PMLA provisions.

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In the Nifty 50 index, 13 stocks ended in the green, while 37 stocks closed in the red in today's trade.

FMCG major Hindustan Unilever Ltd (HUL) on Wednesday reported a 2.33 per cent decline in consolidated net profit at Rs 2,595 crore for the second quarter ended in September 30, 2024 impacted by moderation in demand from the urban market. The company had logged a net profit of Rs 2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36 per cent at Rs 15,703 crore in the September quarter, from Rs 15,340 crore in the year-ago period, HUL which owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakmé, Brooke Bond, Lipton and Horlicks said.

In the Nifty pack, 41 stocks closed in the green, while 9 stocks ended in the red.

In the Nifty pack, 42 stocks were trading in the green, while 8 stocks were trading in the red.

NOTICES Notice No. 20230616-13 Notice Date ... | June 16, 2023

"A sustainable move above 18,150-18,200 levels is likely to pull Nifty towards the next overhead resistance of 18,500 levels in the near term," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

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