HINDUNILVR

Adds Dollar General

March 24 (Reuters) - Dollar General DG.N has named Jerry Fleeman Jr. as its CEO, becoming the latest consumer goods company to make a change at the top as the sector navigates tariff pressures and choppy consumer spending.

Here are some of the major CEO changes among global retailers and consumer goods companies in 2025 and 2026:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru, Vera Dvorakova in Gdansk; Editing by Anil D'Silva, Alan Barona, Arun Koyyur and Shreya Biswas)

((Neil.JKanatt@thomsonreuters.com))

March 20 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• HINDUSTAN UNILEVER - CLARIFIES NO DISCUSSIONS REGARDING FOODS PORTFOLIO DIVESTMENT

Source text: ID:nBSE2LQyLW

Further company coverage: HLL.NS

((Reuters.Briefs@thomsonreuters.com;))

March 4 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• COMPLETED SALE OF ENTIRE SHAREHOLDING IN NUTRITIONALAB FOR 3.07 BILLION RUPEES

Source text: ID:nnAZN4SJHFJ

Further company coverage: HLL.NS

((Reuters.Briefs@thomsonreuters.com;;))

Feb 18 (Reuters) - India's Hindustan Unilever HLL.NS said on Wednesday it will invest 20 billion rupees ($220.54 million) over two years to expand manufacturing capacity in its fast-growing premium categories across beauty, wellbeing and home care.

($1 = 90.6870 Indian rupees)

(Reporting by Nishit Navin)

((Nishit.Navin@thomsonreuters.com;))

** Hindustan Unilever HLL.NS posted 15% y/y drop in Q3 earnings on Thursday, pressured by thinner margins

** Shares of consumer goods major fall nearly 2% to 2,358.10 rupees

EARNINGS INFLECTION KEY

** UBS ("buy", TP: 2,950 rupees) says volume growth stood out despite GST disruption, but notes margin pressure; Q4 momentum would be key for potential re-rating trigger

** J.P. Morgan ("overweight", TP: 2,700 rupees) says pivot to volume-led growth and organisational simplification supports FY27 acceleration; near-term stock consolidation likely until sustained volume improvement becomes visible

** HSBC ("hold", TP: 2,650 rupees) cuts FY27 EPS on lower growth assumptions; adds that clearer guidance and stronger earnings acceleration are needed for re-rating

** Morgan Stanley ("equal-weight", TP: 2,330 rupees) points to stable margins and gradual consumption recovery, but notes management stopped short of committing to double-digit earnings growth timelines

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

Feb 12 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• USV HAS SIGNED DEFINITIVE AGREEMENT TO ACQUIRE 79% EQUITY STAKE IN NUTRITIONALAB - STATEMENT

Further company coverage: HLL.NS

((reuters.briefs@thomsonreuters.com;))

Jan 19 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• LIC RAISES STAKE IN HINDUSTAN UNILEVER TO 6.740% FROM 4.731% - EXCHANGE FILING

Source text: ID:nBSE4MCpS9

Further company coverage: HLL.NS

((Reuters.Briefs@thomsonreuters.com;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 13 (Reuters Breakingviews) - India is piling into consumer giants’ basket of troubles. Unilever ULVR.L and Nestlé NESN.S are losing pricing power in the world’s fifth-largest economy amid growing competition from nimble upstarts. It’s an unwelcome headache for the groups that are trying to revive their more established markets in Europe and the U.S. With no easy fixes, the problem may require expensive remedies.

Consumer titans were once synonymous with boringly predictable earnings. But a recent bout of management churn and intense competition has made them about as predictable as the start-ups they are now battling for market share. Last February, $140 billion Unilever replaced its CEO Hein Schumacher with its finance chief Fernando Fernandez to accelerate its growth plans. It also grappled with rising commodity prices and spun out its ice cream unit at a disappointing valuation.

Nestlé is enduring an even trickier time. The $240 billion Kitkat maker is on its third CEO in less than three years and is dealing with a decline in sales in Europe and the U.S. These factors have weighed on the groups’ share prices which are flat versus the same period last year, underperforming Europe’s Stoxx 600 .STOXX which is up nearly 20% in the same period.

In ordinary times, these groups could rely on their Indian businesses to compensate. Indeed, historically they performed better than their parents’ businesses in developed markets. At its 2016 peak, sales at Nestlé India NEST.NS grew nearly 16%, eight times the pace of the Swiss group’s European business and four times that of its Americas unit. As recently as 2021, Hindustan Unilever HLL.NS was growing turnover at a punchy 18% as Europe and the Americas only managed under 5%.

But those dynamics are changing. During the year ended March 2025 sales at HUL grew just 2% , down from double digits two years earlier. Meanwhile, Nestlé ’s Indian business grew 1% in 2024. That run rate means India can barely contribute much more to these groups' top lines than it currently does - 2% and 11% for Nestlé and Unilever respectively.

More concerning for investors, however, is the effect this is having on these groups' profitability. EBITDA margins of Hindustan Unilever and Nestlé India are off pandemic-era peaks and could remain below those levels at least until 2027, according to forecasts compiled by Visible Alpha.

The bosses of these businesses blame the recent weakness on rising commodity prices and high inflation which, coupled with stagnating incomes in the aftermath of Covid, have diminished Indians’ purchasing power.

The danger for investors is the decline may intensify. Affluent urban Indians are increasingly shopping for essentials on e-commerce platforms Eternal ETEA.NS and Swiggy SWIG.NS, which use a network of mini warehouses to deliver everything from milk to umbrellas in 10 minutes. These apps enable challenger brands like Honasa Consumer’s Mamaearth and Investment Corporation of Dubai-backed snackmaker Slurrp Farm to display their brands alongside legacy names like Sunsilk and KitKat, robbing Unilever and Nestlé of their storied distribution edge.

Big groups also missed the boat on premiumisation. Indian consumers have become aspirational. That’s birthed whole categories from grooming products to pancake mixes that Unilever, Nestlé and their large rivals are struggling to compete in.

Amid these forces, consumer group boardrooms face two unpalatable choices. They can jack up prices to protect margins but are likely to lose market share in the hypercompetitive Indian market. Alternatively, they can sacrifice margins to boost growth but that means fewer spoils to share with investors.

The first option hardly seems feasible as smaller and more agile rivals are only likely to take more market share from larger groups. Meanwhile, demand for private labels is growing which will put even more pressure on pricing. For now, investors may have to accept lower margins as Unilever and Nestlé try to protect their businesses and invest more heavily in new products.

The risks are plain to see in these groups' valuations. HUL now trades at 47 times forward earnings, down from 65 times in 2021 and lagging supermarket chain Avenue Supermarts' AVEU.NS 69 times.

For now, there are no easy fixes. Launching their own quick commerce offerings makes little sense for consumer giants as users of the existing apps are proving increasingly sticky. A less immediate but more effective way to counter the loss of pricing power is to rejig their product mix. HUL and Nestlé will have to ensure their presence across categories and locations so that consumers rising up the value chain choose their brands over upstarts. A bigger investment in agile AI-enabled tracking of sales trends at mom-and-pop retailers could help with that.

Acquiring fast-growing brands is another option. HUL's 2025 purchase of personal care brand Minimalist valued its target at 9 times its trailing sales, on par with its own multiple. But buying one of India's top online platforms is out of the question: Eternal and Swiggy are delivery service-based companies that would be a clunky fit in these sprawling manufacturing businesses.

Businesses may also need to rethink marketing in a country where close to two-thirds of the population is under the age of 35 and shopping choices are increasingly based on influencer recommendations. HUL spent 10% of its revenue on sales and marketing in the year to March 2025, while its personal-care rival Honasa shelled out 57%. If the Unilever unit raised marketing spend by 10%, its EBITDA margin would go down 87 basis points, Breakingviews calculations based on Visible Alpha estimates show.

To be sure, all these options involve squeezing margins in the short term to ensure staying power in a crowded market. For now, consumer giants will have to add India to their growing list of fixer upper projects.

Follow Shritama Bose on LinkedIn and X

(Editing by Aimee Donnellan; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/shritama.bose@thomsonreuters.com))

Jan 8 (Reuters) - Indian consumer goods firm Hindustan Unilever HLL.NS said on Thursday it had received an order from a tax authority seeking 15.6 billion rupees ($173.6 million).

The company, Unilever's ULVR.L Indian arm, said it would appeal the order, adding that this would have no material impact on its financials or operations.

($1 = 89.8880 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Shreya Biswas)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

Updates to add Coty CEO change

Dec 22 (Reuters) - U.S. cosmetics maker Coty COTY.N named Procter & Gamble veteran Markus Strobel interim CEO, the latest consumer goods company to change its top boss this year as the sector grapples with tariff pressures and choppy consumer spending.

Here are some of the major CEO changes among global consumer goods companies in 2025:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru; Editing by Anil D'Silva, Alan Barona and Arun Koyyur)

((Neil.JKanatt@thomsonreuters.com))

Adds Kraft Heinz

Dec 16 (Reuters) - Kraft Heinz KHC.O on Tuesday became the latest global consumer goods company to make top-level changes this year, tapping industry veteran and former Kellanova head Steve Cahillane as its new CEO, ahead of a planned split.

Here are some of the major CEO changes among global consumer goods companies in 2025:

(Reporting by Neil J Kanatt, Sanskriti Shekhar and Koyena Das in Bengaluru; Editing by Andrea Ricci, Anil D'Silva and Alan Barona)

((Neil.JKanatt@thomsonreuters.com))

Oct 23 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• Q2 UNDERLYING VOLUME GROWTH FLAT

• ANTICIPATE NORMAL TRADING CONDITIONS STARTING EARLY NOV, ONCE PRICES STABILISE

• QUARTER SAW TRANSITORY IMPACT AS MARKET ADJUSTED TO GST REFORMS

• EBITDA MARGIN EXPECTED TO REMAIN AT CURRENT LEVELS IN NEAR TERM

• IN NEAR TERM PRICE GROWTH TO BE IN LOW-SINGLE DIGIT

Further company coverage: HLL.NS

((Reuters.Briefs@thomsonreuters.com;;))

Rewrites, updates shares, adds broker comments

Sept 29 (Reuters) - Indian consumer giant Hindustan Unilever HLL.NS pared most losses after falling as much as 2.7% on Monday as investors sought comfort from an expected recovery in demand after a consumption tax reform-led hit to sales.

The shares were down 0.2% at 2,506.50 rupees as of 12:32 IST, while the benchmark Nifty 50 .NSEI was flat. Hindustan Unilever's shares, rated "buy" on average by 39 analysts, as per data compiled by LSEG, have risen about 8% so far this year.

India cut taxes from September 22 on a wide range of consumer goods ranging from soaps to air conditioners, to boost domestic demand as the economy faces pressure from steep U.S. tariffs.

Hindustan Unilever said on Friday that the tax reforms led to a temporary hit to sales in September, which may persist through October as sellers clear older inventory and consumers delay purchases in anticipation of lower prices.

However, it expects a recovery in demand starting November as prices stabilise post the tax cuts.

Inventory-related headwinds will affect other Indian consumer goods firms as well in the July to September quarter, Jefferies said, adding that it expects a better third-quarter. "The GST rate cuts along with recent income tax cuts should help several consumption categories," the brokerage said.

BofA Securities echoed the optimism, projecting that restocking activity combined with a business recovery could drive growth for Hindustan Unilever in the second half of the financial year ending March 31.

The firm estimates consolidated business growth to remain flat to low single digits percent for the September quarter.

(Reporting by Vijay Malkar in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)

((VijayDattaram.Malkar@thomsonreuters.com; +91 8097833031;))

Adds details, background from paragraph 2

Sept 26 (Reuters) - Hindustan Unilever <HLL.NS> said on Friday that recent goods and services tax (GST) cuts on consumer products caused a temporary disruption in sales as distributors and retailers worked to clear existing inventory at old prices.

Earlier this month, the Indian government reduced taxes on items ranging from soaps to small cars as it looks to boost domestic demand amid global headwinds including U.S. tariffs.

"While this measure supports long-term consumption, we have seen transitory impact in the form of disruption at distributors and retailers across channels to clear existing inventories with old prices," the Indian unit of UK's Unilever ULVR.L said.

It expects consolidated business growth to be nearly flat or in the low-single digit range for the quarter ending September 30, with the impact continuing into October, before prices start stabilizing from November.

(Reporting by Manvi Pant; Editing by Sonia Cheema)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

NEW DELHI, Sept 4 (Reuters) - Indian Finance Minister Nirmala Sitharaman unveiled tax cuts for hundreds of consumer items, from soap to cars, in the biggest overhaul of the goods and services tax (GST), set to take effect from September 22.

Here are key highlights:

MAJOR CHANGES

India will have two key tax rates of 5% and 18% from September 22, versus four now. A new tax slab of 40% will apply to high-end goods, but all additional levies above that are to be abolished, bringing down effective tax rates on mid-size and big cars.

REVENUE LOSS, INFLATION IMPACT

The government estimates the cuts will cause revenue loss of 480 billion rupees ($5.5 billion), far lower than economists' estimate ranging from 1 trillion rupees to 1.8 trillion rupees.

Citi said India's inflation could ease as much as 1.1 percentage points if the cuts are fully passed through to consumers. India's retail inflation rate fell in July to its lowest in eight years.

TAX CUTS ON DAILY ITEMS

A tax panel approved lower GST of 5% on items of everyday use such as packaged food, medicines, toothpaste, fruit, milk products, talcum powder and shampoo, against 12% to 18% now.

The cut is expected to lift the sales of fast-moving consumer goods firms such as Hindustan Unilever HLL.NS, Nestle NEST.NS and Godrej Industries GODI.NS, while lowering costs for farmers.

It will abolish tax on individual life and health insurance products sold by companies such as LIC LIFI.NS, SBI Life Insurance SBIL.NS and ICICI Prudential Life Insurance ICIR.NS.

HOLIDAY BOOST TO SALES

The government has cut taxes on items such as cars, TVs and even cement, which could boost sales during the festival season that typically runs from the last week of September until November. India's tax panel also cut GST on air conditioners, ambulances, dishwashers, three-wheelers and hybrid vehicles.

Carmakers such as Maruti MRTI.NS and Toyota 7203.T, and manufacturers of consumer applicance such as LG Electronics LGEL.NS and Sony 6758.T are set to benefit immediately when the new rates kick in.

The tax panel also lowered the effective tax for big cars to 40% from the current rate of as much as 50%, making cars from Mercedes-Benz AGMBGn.DE, AUDI Aktiengesellschaft and BMW BMWG.DE attractive. GST on EVs was kept at 5%, giving relief to carmakers such as Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS after a panel recommended an increase.

The government lowered taxes on fertiliser and tractors to help lower costs for farmers, recently come in the spotlight as Prime Minister Narendra Modi vowed to protect them following a breakdown in India-U.S. trade talks.

MAIN LOSERS

GST was raised to 18% from 12% on apparel and clothing accessories that cost more than 2,500 rupees, which could hurt global brands such as Marks and Spencer MKS.L, Levi Strauss LEVI.N, and Zara.

The tax on coal went to 18% from 5%, but the effective tax rate on fizzy drinks make by PepsiCo PEP.O and Coca-Cola KO.N was held at 40%.

($1=87.5060 Indian rupees)

(Reporting by Aftab Ahmed; Editing by Clarence Fernandez)

((Aftab.Ahmed@thomsonreuters.com; +91 99109 33884;))

By Nikunj Ohri

NEW DELHI, Sept 3 (Reuters) - Indian state and federal ministers will meet for two days from Wednesday to weigh the biggest cuts to consumption tax in eight years, aimed at spurring domestic demand in the face of economic headwinds from U.S. tariffs.

Coupled with cuts in personal tax unveiled in February, the cuts in the Goods and Services Tax (GST) are expected to boost consumption in the South Asian nation, whose economy grew at an unexpectedly higher pace of 7.8% in the quarter to June.

A panel on the tax, headed by Finance Minister Nirmala Sitharaman with ministers from all Indian states, will decide on a plan to cut the tax on more than 400 items, ranging from hair oil to small cars.

"With U.S. tariffs clouding exports in textiles, autos and possibly pharmaceuticals, India must pivot towards domestic consumption as the primary growth engine," said Manoj Mishra, a partner at Grant Thornton Bharat LLP.

The move is expected to boost sales of FMCG firms such as Hindustan Unilever and Godrej Industries, and consumer electronics companies such as Samsung Electronics 005930.KS, LG Electronics 066570.KS and Sony 6758.T.

Among automakers Maruti, Toyota Motor 7203.T and Suzuki Motor 7269.T are expected to be big winners.

The rush to cut the tax was triggered by Prime Minister Narendra Modi's call for greater self-reliance, when he vowed to lower GST by October, aiming to counter the U.S. tariffs of up to 50%.

TWO RATES INSTEAD OF FOUR

The ministers will consider a two-rate structure of 5% and 18%, instead of four now, with additional tax bands of 12% and 28%. It will also consider a higher tax of 40% on some luxury and "sin" goods such as cigarettes.

The plan is to sweep into the 5% category all items of daily use now in the category of 12%.

The panel will also consider lowering taxes on consumer items such as toothpaste and shampoo to 5% from 18%, and on small cars, air conditioners, and televisions to 18% from 28%.

Economists expect the cuts to cost $21 billion in revenue losses, with states set to lose more than the federal government.

While the states are broadly on board, there could be heated discussion on ways to make up their loss of revenue.

The panel is likely to discuss raising taxes on high end electric vehicles priced at more than 2 million rupees.

It will also consider raising tax to 18% from 12% on apparel priced above 2,500 rupees ($29), which would affect the premium offerings of Marks and Spencer MKS.L, Levi Strauss LEVI.N, and Zara.

Taxes on air travel in the premium and business classes could also go to 18% from 12%.

($1=87.5060 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Clarence Fernandez)

((nikunj.ohri@thomsonreuters.com; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Corrects analyst name in paragraphs 4

By Bharath Rajeswaran and Vivek Kumar M

MUMBAI, Sept 1 (Reuters) - India's world-beating economic growth is failing to translate into gains for equity markets as weakening pricing power and U.S. tariffs weigh on corporate earnings, turning foreign investors away.

Gross domestic product (GDP) in India grew at a faster-than-expected 7.8% in the April-June quarter in real terms. However, nominal growth, which represents output at current market prices, fell to 8.8% from 10.8% in the previous three months, indicating a drop in inflation.

This trend was also seen in corporate earnings, with revenue growth of the top 3,000 listed Indian companies slipping to a seven-quarter low of 3.4% on-year, down from 5.1% in the previous three months and 6.8% a year ago, according to Mumbai-headquartered ICICI Bank Global Market Research.

"The core corporate earnings outlook is weak and for the next few quarters at least we remain underweight," said Sat Duhra, portfolio manager at Janus Henderson Investors, adding that higher U.S. tariffs are an impediment to growth that India cannot afford right now.

"Weaker credit growth, weaker nominal GDP growth and warnings of weakening asset quality at the banks will continue to keep foreign investors on the sidelines," Duhra said.

Equity analysts in India see corporate earnings growth as more closely correlated with nominal growth. Slower nominal GDP growth translates into weaker corporate revenue and profits, which can make stocks look overvalued.

Nominal GDP growth for the current financial year is expected to be 8.5%-9%, the lowest in two decades outside the COVID-19 pandemic, which could keep earnings and equity markets under pressure, analysts at Jefferies said in a report on Friday.

India's benchmark Nifty index has risen about 4% so far this year, making it the third worst-performing across MSCI Asia countries this year, after Thailand and Indonesia.

Foreign investors have sold a net $15 billion in Indian equities so far, including $4 billion in outflows in August, when U.S. President Donald Trump hit India with tariffs of as much as 50%.

Indian consumer staples struggled in the April-June quarter, with Hindustan Unilever HLL.NS reporting subdued revenue growth of 4% and Colgate Palmolive India COLG.NS posting a 4% decline.

"In our view, markets remain on the expensive side, and we expect the impact of tariffs to lead to further earnings downgrades over the next 1-2 months," said Peeyush Mittal, portfolio manager at Matthews Asia.

"Accordingly, our near-term is cautious."

Punitive tariffs are expected to lead to a 0.6-0.8 percentage point hit to real GDP growth if they stay in place for a year, according to economists.

But the indirect impact, via job losses in sectors like textiles and gems and jewelry, alongside a delay in investment plans, could mean a more significant impact.

ATTRACTIVE ENTRY POINT

The underperformance of Indian markets relative to emerging market peers has narrowed the valuation gap, according to some fund managers who also expect domestic measures, such as tax cuts, to help improve earnings performance across consumer-oriented sectors.

"The current environment presents a potentially attractive entry point considering the pullback that started late last year has helped to deflate some of the frothy valuations – although India still trades near its long-term historical average," said Rita Tahilramani, investment director of Asian equities at Aberdeen Investments.

Despite trading at premium valuations, India still offers compelling opportunities across key sectors from banking and infrastructure to domestic consumption, she said.

Portfolio managers are also looking at plans to fast-track economic reforms, including a tax revamp, to revive spending.

Prime Minister Narendra Modi's government will put to vote a proposal to reform its goods and services tax (GST) this week, which could help lift consumption of items from biscuits to air conditioners.

"Over the next six to 12 months, stronger consumption recovery could trigger a virtuous cycle of private capex and credit expansion," said Hari Shyamsunder, senior institutional portfolio manager of Indian emerging markets equity at Franklin Templeton.

(Reporting by Vivek Kumar M and Bharath Rajeswaran in Bengaluru; writing by Ira Dugal; Editing by Sam Holmes)

((Ira.Dugal@thomsonreuters.com; +91-9833024892;))

Aug 21 (Reuters) - Hindustan Unilever HLL.NS named Niranjan Gupta as its chief financial officer on Thursday, succeeding Ritesh Tiwari.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Krishna Chandra Eluri)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

Adds details of planned tax changes paragraphs 1-3, context

By Nikunj Ohri and Shilpa Jamkhandikar

NEW DELHI, Aug 15 (Reuters) - India's government will slash the consumption tax it charges consumers and businesses by October, a top official said on Friday, hours after Prime Minister Narendra Modi announced sweeping tax reforms to boost the economy in the face of a trade conflict with Washington.

The federal government will propose a two-rate structure of 5% and 18%, doing away with the 12% and 28% tax that was imposed on some items, said the government official, who declined to be named as the plans are still private.

The plan is to bring "99%" of all the items that are in 12% category to 5%, the official said. That tax slab includes butter, fruit juices, and dry fruits, and any cuts to the basket could benefit the likes of Nestle NESN.S to Hindustan Unilever HLL.NS to Procter & Gamble PG.N.

The tax cut plan comes amid growing tensions between New Delhi and Washington on steep U.S. tariffs on Indian goods. Modi on Friday made a public appeal to promote domestic products, and his supporters have been calling for boycott of American products.

Addressing the nation on its 79th independence day, Modi earlier said that the goods and services tax would be reformed and taxes lowered by Diwali, the Hindu festival of lights, set to be celebrated in October this year.

"This Diwali, I am going to make it a double Diwali for you. Over the past eight years, we have undertaken a major reform in goods and services tax. We are bringing next-generation GST reforms that will reduce the tax burden across the country," Modi said.

The final decision will be taken by the GST (goods and services taxes) Council, which is chaired by the finance minister and has all the state's finance ministers as members, the official said. The council is set to meet by October.

Citi estimates that about 20% of items - including packaged food and beverages, apparel and hotel accommodation - fall under the 12% GST slab, accounting for 5-10% of consumption and 5-6% of GST revenue.

If most of these are moved to the 5% slab and some to the 18% slab, it could lead to a revenue loss of around 500 billion rupees, or 0.15% of GDP, potentially taking the total policy stimulus for households in the current 2025-26 financial year to 0.6%-0.7% of GDP, the brokerage said.

(Reporting by Shilpa Jamkhandikar, YP Rajesh, Nikunj Ohri and Chandini Monnappa; Editing by Aditya Kalra, Raju Gopalakrishnan and Christina Fincher)

((yp.rajesh@thomsonreuters.com; X: @YPRajesh;))

Updates with more details, background throughout

Aug 1 (Reuters) - India's Hindustan Unilever (HUL) HLL.NS extended gains on Friday to climb as much as 8%, hitting a nine-month high, after it reported a higher first-quarter profit, with growth in revenue and sales volume pointing to a gradual earnings recovery.

HUL, which is home to brands such as Dove soap and Surf Excel detergent, has been under pressure from dull urban consumption trends for several quarters.

However, analysts see HUL's results as reflective of a gradually easing environment, with its stock receiving two ratings upgrades and at least 17 price-target hikes since Thursday.

Its median target price from 39 analysts now stands at 2,607.50 rupees from 2,500 rupees a month earlier.

The company's first-quarter volume growth was slightly better than estimated, noted brokerage Macquarie. "A gradual recovery of rural (demand) continued, while urban showed signs of a pickup."

HUL was the top percentage gainer on the benchmark Nifty 50 index .NSEI, flattish on the day, and among the top percentage boosts on the fast-moving consumer goods sub-index .NIFTYFMCG, which ticked 1.5% higher.

It closed 3.44% higher on Thursday after it announced its results, and was last trading 3% higher on Friday.

Brokerage HSBC said it liked HUL's "volume-led growth strategy" amid intensifying competition.

"Improving revenue growth to support outperformance," said JP Morgan.

HUL's shares have gained 11% so far this year, compared to a 4.7% gain in the Nifty 50 and a 0.3% dip in the Nifty FMCG index.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman )

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))

** India's Hindustan Unilever HLL.NS climbs 4% to 2,530 rupees

** Stock top gainer on benchmark Nifty 50 .NSEI, which is trading 0.7% lower

** HUL among seven out of 50 stocks on blue-chip Nifty to trade in green

** Dove soap maker reports ~8% climb in June quarter profit, aided by an ongoing recovery in rural markets

** Overall revenue climbs 4%, helped by growth in its home care as well as beauty and wellness businesses

** HUL says it expects gross margins to improve sequentially in near-term

** Stock's gains support FMCG index .NIFTYFMCG, which climbs 1% - only sub-index in green among 13 major sectors

** YTD, HUL climbs 9% vs FMCG index's 2% decline and Nifty's 4.3% climb

(Reporting by Kashish Tandon in Bengaluru)

((Kashish.tandon@thomsonreuters.com))

July 29 (Reuters) - Procter & Gamble PG.N said on Monday CEO Jon Moeller is stepping away from the top job after four years in the role, and that he would be succeeded by Chief Operating Officer Shailesh Jejurikar.

The reshuffle in the top position comes amid a string of similar announcements from consumer-facing companies globally.

In the United States, companies are removing their CEOs at the fastest pace in two decades, with data showing that at least 41 CEOs have exited S&P 500 companies so far this year, compared with 49 for all of 2024.

Here are some examples of major CEO changes in the past year:

(Reporting by Neil J Kanatt in Bengaluru; Editing by Alan Barona)

((Neil.JKanatt@thomsonreuters.com))

July 11 (Reuters) -

• RITESH TIWARI LIKELY TO STEP DOWN AS HUL CFO - CNBC-TV18

Source text: https://tinyurl.com/bdzaa5w2

Further company coverage: HLL.NS

((Reuters.Briefs@thomsonreuters.com;))

July 10 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• HINDUSTAN UNILEVER LTD - ROHIT JAWA TO STEP DOWN AS MD & CEO OF HUL

• HINDUSTAN UNILEVER LTD - PRIYA NAIR APPOINTED AS MD & CEO OF HUL

Source text: ID:nBSE4z64X0

Further company coverage: HLL.NS

((Reuters.Briefs@thomsonreuters.com;;))

June 25 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• HINDUSTAN UNILEVER LTD - HUL RECEIVES LETTER FROM UNILEVER REGARDING SHARE PURCHASE AGREEMENT

• HINDUSTAN UNILEVER LTD - KWIL TO BECOME SUBSIDIARY OF TMICC HOLDCO

• HINDUSTAN UNILEVER - MAGNUM ICE CREAM TO ACQUIRE 61.9% OF KWALITY WALL’S FROM UNILEVER GROUP

Source text: ID:nBSE15VxF7

Further company coverage: HLL.NS

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May 8 (Reuters) - India's consumer goods sector reported an 11% growth in value in the March quarter, as rural growth outpaced that in urban areas for the fifth straight quarter, market research firm NielsenIQ said on Thursday.

Rural areas - which account for just over a third of overall consumer goods sales - have become a bright spot for an industry that is struggling with higher living costs and slow wage growth in large cities.

"Rural markets continue to drive growth, whereas urban metros continue to see a shift toward E-commerce," Roosevelt Dsouza, head of customer success for consumer goods at NielsenIQ, said.

Although rural consumption growth slowed in the March quarter, with volumes rising 8.4% compared to 9.2% in the previous three months, it still outpaced urban demand, where growth decelerated to 2.6% from 4.2%.

Price increases also contributed to the overall value growth, with the cost of staples such as edible oil rising 5.6% during the quarter, compared with just 0.3% in the same period a year ago.

Low base, rural growth, and easing inflation are helping smaller players, which saw 17.8% growth in value, outpacing the broader FMCG market, the report said.

Indian consumer goods maker Marico MRCO.NS reported fourth-quarter profit above analysts' expectations, boosted by improving rural demand and price increases for its key packaged oil brands—underscoring the strength of non-urban markets.

The company also said it plans to expand its presence in villages across India.

Smaller manufacturers are driving consumption compared to larger players, whose volume growth has halved compared to the December quarter, NielsenIQ said.

Hindustan Unilever HLL.NS and Nestle India NEST.NS reported weaker fourth-quarter profits, with Hindustan Unilever cutting its margin forecast amid high commodity costs and sluggish urban demand.

Going ahead, NielsenIQ said revised tax slabs and a favorable monsoon forecast could further lift consumption in the coming quarters.

(Reporting by Ashish Chandra in Bengaluru; Editing by Sonia Cheema)

((ashish.chandra@thomsonreuters.com; +91 7982114624;))

By Shivani Tanna, Ananta Agarwal and Praveen Paramasivam

April 24 (Reuters) - India's top consumer goods makers Hindustan Unilever (HUL) HLL.NS and Nestle India NEST.NS reported weaker fourth-quarter profits on Thursday, with HUL cutting its margin forecast amid high input costs and sluggish urban demand.

A surge in the cost of living and slow wage raises in India have eroded urban consumers' purchasing power, forcing them to cut back on buying packaged goods and pressuring earnings of consumer goods makers already reeling from high input costs.

Both companies reported shrinking profit margins. Maggi instant noodles-maker Nestle India's margin dropped to 16% from 18% in the previous year, according to a back-of-the-envelope calculation by Reuters, while Hindustan Unilever reported a 30-basis-point dip to 23.1%.

The Indian unit of UK's Unilever ULVR.L will post core margins in a 22% to 23% range in the near- to mid-term, while boosting sales gradually on volume growth in the year beginning April 1, CFO Ritesh Tiwari told a press conference.

The projection is below its previously forecast range of 23% to 24%.

HUL appears to be prioritising volume growth and market share over margin expansion, indicating that consumer goods demand remains weak, Elara Capital analyst Amit Purohit said.

The stock was last trading down 3.8% at 2,331.4 rupees, wiping out nearly all its gains this year. On the day, it has lost the most in terms of percentage on the benchmark Nifty 50 .NSEI.

Nestle India, which lost 0.4% on the day, reported its quarterly profit fell 5.2% to 8.85 billion rupees, hit by higher prices of major commodities, including coffee and cocoa.

Its revenue growth slowed to 4% from a 9% growth a year earlier.

Meanwhile, HUL's profit of 24.93 billion rupees ($291.15 million) narrowly missed market expectations of 24.98 billion rupees, according to data compiled by LSEG.

Its expenses rose 3% while revenue in its nutrition drinks and beauty products segments declined.

Looking ahead, HUL's Tiwari said India's tax relief measures and an easing of inflation set up Indian households to spend more both on essentials and discretionary goods.

In contrast, parent companies Nestle SA NEST.N and Unilever beat sales estimates, led by price increases.

($1 = 85.6250 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Shivani Tanna in Bengaluru; Editing by Janane Venkatraman)

((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))

** UBS upgrades Colgate Palmolive (India) COLG.NS to "buy" from "sell", raises PT by 38% to 3,100 rupees

** Brokerage upgrades Hindustan Unilever HLL.NS, ITC ITC.NS and Trent TREN.NS to "buy" from "neutral"

** Says Indian consumer stocks set to rebound on the back of 13% estimated earnings growth in FY2026, lower valuations, and defensive play in a turbulent market

** COLG rises 3.3% on the day, while HLL adds 1.1%

** UBS downgrades Asian Paints ASPN.NS and Jubilant Foodworks JUBI.NS to "sell" from "buy", Dabur India DABU.NS to "sell" from "neutral"

** Says even though the decorative paints industry is lucrative, it faces competition from new entrant Grasim Industries GRAS.NS, which may weigh on margins

** On JUBI, UBS says stock price factors in same-store sales growth turning positive

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))

April 21 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• HINDUSTAN UNILEVER LTD - COMPLETES ACQUISITION OF UPRISING SCIENCE

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