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The Nifty FMCG Index plunged nearly 3%, its steepest single-day drop in 28 months after HUL's second-quarter results missed expectations, disappointing investors. Analysts anticipate continued margin pressure for consumer companies in the near term due to rising raw material costs and weak urban demand.
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Both infra-focused government lenders, which specialise in power-related projects, have told the company that for any loan proposal to be considered, Vodafone Idea (Vi) will have to furnish an extra cover through corporate guarantees to shield these proposed commitments from any future default, top financial industry sources involved in the discussions told ET.
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Raw material cost inflation was the single biggest factor that hurt the margins. The raw material cost surged 29% year-on-year led by the rise in prices of leaf tobacco and wood. The raw material cost as a proportion of sales rose from 40.2% in the same quarter last year to 44.6% this year.
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