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Shedding its tag of a defensive stock, shares in Hindustan Unilever rallied for the second day, gaining 15 per cent in two trading days.
The stock has now jumped from levels of Rs 580, to Rs 700, after Unilever Brothers increased their stake in the company through an open offer. The stock was last trading at Rs 703 on the National Stock Exchange.
Most of the analysts had asked investors to tender their shares to Unilever, following an open offer by the firm citing that Rs 600 was a good price for the shares.
However, considering the current price of Rs 702, it seems that investors who tendered the shares through the open offer have lost substantially.
Reports that the company has hiked prices of products and roumours that the Unilever Brothers may make a fresh offer for shares in the company saw the stock rallying sharply.
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