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Market HIGHLIGHTS: Sensex plunges 984 pts, ends below 49,000, Nifty gives up 14,650; RIL falls over 1% ahead of Q4

HUL posted an in-line efficiency, with income/EBITDA clocking progress of 35/43% YoY (HSIE 34/46%). Ex-GSK, income grew by 21% YoY (6% 2-year CAGR) with UVG of 16% YoY (4.5% 2-year CAGR). The firm noticed demand restoration in in discretionary and OOH classes and income stress eased out. Health, Hygiene and Nutrition (80% combine) continued to ship sturdy double-digit progress, supported by new launches and value hikes. Market share positive aspects (>80% portfolio gained share) continued, nicely supported by sturdy rural and sustained momentum in e-comm (most worthwhile channel for HUL). Varun Lohchab, Institutional Research Analyst, HDFC Securities, Naveen Trivedi, Institutional Research Analyst, HDFC Securities

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