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Shares of Hindustan Unilever (HUL) on Tuesday ended marginally higher after the company said its board has approved setting up a new manufacturing subsidiary.
According to sources, HUL is incorporating the subsidiary to get the benefit of the new corporate tax rate, which has been reduced to 15 per cent from the previous 25 per cent for new manufacturing companies.
On the BSE, the stock gained 2.84 per cent to reach an intra-day high of ₹2,279. It settled at ₹2,232.40, up 0.74 per cent.
On the NSE, the scrip gained as much as 2.91 per cent to ₹2,279.70. It closed 0.72 per cent higher at ₹2,231.20.
In terms of volume, more than 22 lakh shares were traded on the NSE, while 68,000 units were exchanged on the BSE.
The FMCG major on Monday announced its plans to set up a new subsidiary, which would be primarily engaged in manufacturing activities.
The company’s board has given the go-ahead to a proposal to set up a step-down unit, Hindustan Unilever said in a statement.
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