Shares of Hindustan Unilever Ltd . (HUL), India's largest fast-moving consumer goods (FMCG) company, opened 3% lower on Friday, October 24, as investors reacted to the company's September quarter results announced after market hours on Thursday.

Underlying volume growth (UVG), a key performance metric for HUL, was flat in the quarter, compared to a CNBC-TV18 poll estimate of 0-1% growth.

Most brokerage firms have maintained their ratings on the stock following the Q2 results, though some have trimmed their price targets.

Goldman Sachs has reduced its price target to ₹2,850 from ₹2,900 earlier but retained its 'Buy' rating, despite near-term margin pressure and a slower-than-expected recovery.

The brokerage said volume growth in Q2 was impacted by headwinds related to the Goods and Se

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