<ul><li>HUL acquired brand Horlicks from GSK for about $398 million (₹ 3,041 crore) for the Indian market. </li><li>HUL’s parent company Unilever paid around $54 million (₹415 crore) for Horlicks brand for other geographies. </li><li>Edelweiss research predicts that by the end of the financial year 2020, HUL will be leading the food company business in India after buying out the Horlicks brand.</li></ul>Even in a volatile market, Hindustan Unilever’s (HUL) share price saw a 19% surge in the last one month. All thanks to the HUL and GlaxoSmithKline Consumer Healthcare (GSK) merger, which will make it India's biggest food company. <div type="image" title="HUL&amp;#39;s BSE Shareprice" msid="75245618" hostid="261"></div>Source:BSE The secret of the strength in the HUL-GSK deal is Horlicks, a health drink — which is made of wheat flour and malted wheat. However, Horlicks was earlier owned by one of GSK Plc’s group entities and hence did not automatically come into HUL’s fold pursuant to the merger. HUL paid GSK $398 million (₹30.5bn) more to buy Horlicks for the Indian market. And Unilever, HUL’s British-Dutch parent company, too paid around $54 million (₹4.15bn) to sell Horlicks in other countries. <div type="Article" hostid="261" msid="75243841" title="Coronavirus cases in India rise to 17,265— with 1553 new cases in the last 24 hours" mstype="2" mssubtype="0"></div> Horlicks accounts for 43% share in HFD category Almost 90 years after its India debut, Horlicks commands a premium and has managed to maintain its strong 43% volume share in India’s ₹6,500 crore health food drinks (HFD) category, according to <a href="https://economictimes.indiatimes.com/industry/cons-products/fmcg/gsk-fy19-value-share-in-health-drinks-weakens/articleshow/69350925.cms?from=mdr">ET</a>. And it could become much bigger under HUL whose distribution network is thrice as vast as compared to GSK in India. <div type="image" title="horlicks/twitter" msid="75245664" hostid="261"></div> Hence, just like its earlier acquisition of Indulekha, an ayurvedic oil for hair fall control, which saw a four-fold revenue jump in the last four years, HUL can propel Horlicks to new heights too. According to Edelweiss, the HFD category continues to provide immense growth opportunities. It grew by as much as 14-15% for a decade before the current economic slowdown amid coronavirus. Edelweiss research predicts that by the end of the financial year 2020 HUL will lead the food business in India much ahead of its competitors Nestle India, Britannia and ITC. HUL to become the biggest food company in India <table style="width:341.0pt;margin-left:4.7pt;border-collapse:collapse;mso-yfti-tbllook: 1184;mso-padding-alt:0in 5.4pt 0in 5.4pt"> <tbody><tr> <td style="width:132.0pt;border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt;background:white;padding:0in 5.4pt 0in 5.4pt; height:16.5pt"> Food companies </td> <td style="width:209.0pt;border:solid windowtext 1.0pt; border-left:none;mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;background: white;padding:0in 5.4pt 0in 5.4pt;height:16.5pt"> Turnover (₹ crore) FY20E </td> </tr> <tr> <td style="width:132.0pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;background: white;padding:0in 5.4pt 0in 5.4pt;height:47.25pt"> Hindustan Unilever (F&amp;R) and GSK consumer </td> <td style="width:209.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; background:white;padding:0in 5.4pt 0in 5.4pt;height:47.25pt"> ₹12763 </td> </tr> <tr> <td style="width:132.0pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;background: white;padding:0in 5.4pt 0in 5.4pt;height:16.5pt"> Nestle India </td> <td style="width:209.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; background:white;padding:0in 5.4pt 0in 5.4pt;height:16.5pt"> ₹12295 </td> </tr> <tr> <td style="width:132.0pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;background: white;padding:0in 5.4pt 0in 5.4pt;height:16.5pt"> Britannia </td> <td style="width:209.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; background:white;padding:0in 5.4pt 0in 5.4pt;height:16.5pt"> ₹11532 </td> </tr> <tr> <td style="width:132.0pt;border:solid windowtext 1.0pt; border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt: solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;background: white;padding:0in 5.4pt 0in 5.4pt;height:16.5pt"> ITC </td> <td style="width:209.0pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt; background:white;padding:0in 5.4pt 0in 5.4pt;height:16.5pt"> ₹10935 </td> </tr> </tbody></table>Source: Company, Edelweiss research The merger of HUL-GSK also involves HUL distributing GSK’s over-the-counter (OTC) brands like ENO, Crocin and Sensodyne for five years, which will further strengthen HUL’s position in the chemist channel. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/you-wont-be-able-to-order-non-essential-items-on-amazon-flipkart-and-others-till-lockdown-is-lifted/articleshow/75230373.cms">You won’t be able to order non-essential items on Amazon, Flipkart and others till lockdown is lifted</a> <a href="https://www.businessinsider.in/policy/economy/news/india-amends-fdi-policy-to-prevent-opportunistic-acquisitions-of-indian-companies-by-the-chinese/articleshow/75222108.cms">India amends FDI policy to prevent ‘opportunistic acquisitions’ of Indian companies⁠ by the Chinese</a>

The $452 million Unilever-GSK deal had to be changed because India’s love for Horlicks is worth billions

<ul><li>India’s largest consumer goods company HUL posted an increase in revenue for the June quarter, primarily due to the <keyword id="6373926" type="UNKNOWN" weightage="20" keywordseo="horlicks">Horlicks</keyword> boost from the GSK acquisition.</li><li>All but one of HUL’s segments posted a reduction in its revenue – only the Food &amp; Refreshment segment posted a growth of 34%.</li><li>Shareholders, on the other hand, hinted that they want more than just a Horlicks boost – the share price of HUL took a knock on back of earnings, falling by 3.6%.</li><li><a href="https://www.businessinsider.in/stock-market/markets/news/a-deal-with-google-is-not-the-only-lifeline-vodafone-idea-is-betting-on/articleshow/76086104.cms">Check out the latest news and updates on Business Insider.</a></li></ul>Such is the power of Horlicks – a 140-year old brand that has given a boost to the topline of Hindustan Unilever (HUL), turning a 7% fall in sales to a 7% increase. As a result, HUL posted a 52% jump in revenue in the food and refreshment segment in the June quarter. However, even though Horlicks boosted HUL’s revenue, shareholders want more. In the first hour of trade today, HUL’s shares were down by 3%, signalling that shareholders are not happy with the June results. <div type="image" title="Hindustan Unilever share price" msid="77100892" hostid="261" caption="&amp;lt;p&amp;gt;Hindustan Unilever share price in July, 2020&amp;lt;/p&amp;gt;"></div> In the run up to the earnings, HUL’s shares surged by 7.5%. However, since the earnings were released, the company’s shares have taken a beating, falling by as much as 3.6%. Here’s how HUL performed in the June quarter HUL is the largest consumer goods company in India, and the GSK acquisition might have saved it the blushes in the June quarter. Despite the lockdown impacting its business, HUL posted an increase of 7% in its revenues, and a 4.2% increase in its profit. If the benefit from the GSK consumer business takeover is removed, HUL’s revenues would have shrunk 7%. Barring the food and refreshment segment, every other segment posted a fall in revenue. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Segment </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Revenue (in crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Growth </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">171 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-36% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Beauty &amp; Personal Care </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">4039 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-12% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Home Care </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">3392 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-2% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Food &amp; Refreshment </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2958 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">34% </td></tr></tbody></table> Source: HUL “Domestic Nutrition business performed well; immunity boosting Horlicks with added Zinc was launched in the quarter,” HUL said in a statement. Other products drove HUL’s revenue down. “Ice creams, foods solutions and our vending businesses which are driven primarily by out of home consumption were massively impacted by the lockdown and closure of restaurants/eateries,” the company added. Near-term uncertain, but HUL reassures its shareholders Despite near-term outlook remaining uncertain, HUL tried to assuage its shareholders. “While constraints continue due to restrictions in several parts of the country and the near-term demand outlook remains uncertain, we remain well positioned to drive competitive, profitable and responsible growth,” the company said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-limited-first-quarterly-earnings-profit-revenue-and-share-price-chart/articleshow/77085971.cms">GSK merger became a pain killer for HUL</a> <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-limited-ceo-sanjiv-mehta-says-the-product-inventory-range-will-be-smaller-and-simpler-hereon/articleshow/76128468.cms">HUL CEO says the product inventory range will be smaller and simpler hereon⁠— analysts believe others may have the same plan</a> <a href="https://www.businessinsider.in/business/corporates/news/hul-vs-emami-a-lawyer-explains-whats-fair-and-not-in-the-battle-of-brands/articleshow/76829901.cms">HUL vs Emami — A lawyer explains what’s fair and not in the battle of brands</a>

Horlicks helps HUL clock a profit – but shareholders want more

<ul><li>TV advertising saw a good revival in H2 2020.</li><li><keyword id="6365619" type="DOMAIN" weightage="20" keywordseo="hindustan-unilever">Hindustan Unilever</keyword> was the biggest advertiser in 2020 with a 30% growth in <keyword id="9064221" type="COMPANY" weightage="20" keywordseo="ad-volumes">ad volumes</keyword> over 2019, followed by the <keyword id="73803" type="COMPANY" weightage="20" keywordseo="Reckitt-Benckiser">Reckitt Benckiser</keyword> Group, with their ad volumes growing by 37% in 2020 over 2019.</li></ul>In a challenging year for India and the world, television ad volumes in the second half of 2020 saw a substantial increase. According to <keyword id="65298" type="COMPANY" weightage="20" keywordseo="BARC">BARC</keyword>, Hindustan Unilever was the biggest advertiser in 2020 with a 30% growth in ad volumes over 2019, followed by the Reckitt Benckiser Group, with their ad volumes growing by 37% in 2020 over 2019. “Television continues to be the screen of the household and the most important medium for all the major advertisers to reach their audience pre-pandemic and post lockdown too. Return of originals along with the festive season and live sporting events boosted the ad volumes, taking the overall growth in ad volumes to 34% as compared to H1, 2020 and eventually minimising the reduction in volumes to a marginal -3% for the overall year, as compared to 2019,” said <keyword id="7538858" type="UNKNOWN" weightage="20" keywordseo="aaditya-pathak">Aaditya Pathak</keyword>, Head – Client Partnership &amp; Revenue Function, BARC India. Movies genre saw significant growth in ad volumes in 2020 as compared to 2019. Hindi GEC witnessed the highest growth in ad volumes with 10% as compared to 2019. Other Regional GECs saw a growth of 8% as over 2019. News genre in 2020 too had the highest volume, while Ad Volumes dropped by 1%. A heightened consciousness of safeguarding our health, understandably gave a boost to the antiseptics and personal care categories. Ad volumes for Dettol Toilet Soaps and Dettol Antiseptic Liquid, went up by 118% and 136% respectively. Horlicks ad volumes also surged by 60% in 2020 as compared to 2019. In this pandemic necessitated lockdown, and people confined to their homes, digital brands too, turned to television to capitalise on the undisputed reach of the medium, given the changing consumer buying habits. During the peak lockdown in April and May, the ad volumes for digital brands was the highest with 16% and 13% respectively as compared to the month of January 2020. The highest ad volumes share for digital brands in 2019 was at 9% in the months of March, September and December.

Television ad volumes of H2 2020 grew 34% over H1 2020: BARC

<ul><li>The Indian share markets have rallied by over 45% since the market crash on March 23, but investors are now flocking to gold as they seek safe houses to park their funds.</li><li>Analysts believe the rise in gold prices could continue given the global market scenario and the ongoing COVID-19 crisis.</li><li>While a correction is on the cards, the depth of the fall is uncertain, according to market expert Arun Kejriwal. </li><li>Even in these uncertain times, investors have continued to repose their faith in stocks like Reliance Industries, and the IT and pharma sectors.</li><li><a href="https://www.businessinsider.in/stock-market/news/barbecue-nation-ipo-must-be-priced-the-same-way-as-its-menuvalue-for-money/articleshow/76961459.cms">Check out the latest news and updates on Business Insider.</a></li></ul>Investors are looking for safe houses and there are only a handful of those – gold is often considered a safe bet, especially in times of crisis, and the recent rush in gold prices reflects this reality. Over the last seven days, gold prices have increased by $77 per ounce, which is an increase of over 4%. Edward Morse, the man who predicted that oil prices will go below ⁠— and they did in May⁠— now <a href="https://www.cnbctv18.com/market/commodities/analyst-who-predicted-negative-crude-sees-60-next-year-projects-gold-to-top-2000-6425041.htm">sees gold above $2000 an ounce</a> by the end of the year. <div type="image" title="Gold prices 17_07_20 to 24_07_20." msid="77144442" hostid="261" caption="&amp;lt;p&amp;gt;Gold prices over the last seven days.&amp;lt;/p&amp;gt;"></div> “Whenever there is risk aversion, there is a tendency to buy gold because it is considered a safe haven. The current global scenario indicates that gold prices should rise,” market analyst Arun Kejriwal told Business Insider. <div type="Article" hostid="261" msid="76853803" title="SBI Card has surged 40% as lockdown blues blow over ⁠— but those who got shares in the IPO are still in the red" mstype="2" mssubtype="0"></div> Reliance, IT and pharma stocks remain the last hideouts for equity investors When it comes to the equity market, out of the 50 nifty stocks, only 5 have gained today – this list is comprised of tech and pharma stocks, including Reliance Industries, Tech Mahindra, Sun Pharma, HCL Tech and Infosys. Top 5 gainers on Nifty 50 on July 24 <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Gain today </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">3.87% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">2.02% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1.74% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1.10% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">0.75% </td></tr></tbody></table>Source: NSE If foreign investors start pulling out money from Indian stocks, it will weaken the rupee and that is good for exporters like Infosys, TCS, and HCL Tech as well as for drug exporters like Sun Pharma, Dr Reddy’s Labs and Cipla. However, in July so far, foreign investors have remained bullish on the Indian market, pumping in over ₹81,000 crore so far, with net investment on the positive side. Top 5 losers on Nifty 50 on July 24 Banking stocks are the worst affected when it comes to times of crisis. This is in part due to the uncertainty regarding loan repayments – major banks like SBI, ICICI have <a href="https://www.businessinsider.in/finance/banks/news/just-like-sbi-icici-bank-has-created-a-cash-cushion-in-case-bad-loans-rise/articleshow/77140214.cms">already created cash cushions</a> to guard against a rise in bad loans. ICICI Bank and State Bank of India figure amongst the top 5 losers, with Axis Bank a close sixth with a decline of 3.57%. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Loss today </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Zee Entertainment </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-4.47% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-4.27% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.77% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Bharti Infratel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.64% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.63% </td></tr></tbody></table>Source: NSE “The correction is certain, but the extent and how steep it will be is not certain right now,” Kejriwal further added. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/surprise-surprise-sbi-card-is-not-just-selling-new-credit-cards-but-just-posted-a-profit-too/articleshow/77069160.cms">Surprise, surprise! SBI Card is not just selling new credit cards but just posted a profit too</a> <a href="https://www.businessinsider.in/stock-market/markets/news/horlicks-helps-hul-share-price/articleshow/77100666.cms">Horlicks helps HUL clock a profit – but shareholders want more</a> <a href="https://www.businessinsider.in/finance/news/top-10-financial-advisers-in-the-asia-pacific-region-advised-on-nearly-140-billion-worth-of-deals-in-the-first-half-of-2020/articleshow/77139352.cms">Top 10 financial advisers in the Asia-Pacific region advised on nearly $140 billion worth of deals in the first half of 2020</a>

Gold, RIL, Tech Mahindra and Sun Pharma shine as investors seek safe houses – the rush may only increase

<ul><li><keyword id="6365619" type="COMPANY" weightage="20" keywordseo="hindustan-unilever">Hindustan Unilever</keyword>’s fourth-quarter earnings showed a 1% fall in profit after tax, a 9% fall in domestic sales, and a 7% fall in volume growth.</li><li>The share price of India’s largest fast-moving consumer goods major ended 1.2% lower on a day that the Sensex rallied over a 1,000 points. </li><li>With the supply chain impacted due to the coronavirus lockdown across the country, overall revenue has been affected on expected lines</li></ul>Hindustan Unilever’s fourth-quarter earnings showed a 1% fall in profit after tax, a 9% fall in domestic sales, and a 7% fall in volume growth. The share price of India’s largest fast-moving consumer goods major ended 1.2% lower on a day that the Sensex rallied over a 1,000 points. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2173668" data-url="https://flo.uri.sh/visualisation/2173668/embed"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> <div type="Article" hostid="261" msid="75472198" title="Tech Mahindra’s net profits see a massive 32% drop even as its digital business is treading water amidst the COVID-19 crisis" mstype="2" mssubtype="0"></div> COVID-19 lockdown hits <keyword id="44863" type="CITY" weightage="20" keywordseo="HUL">HUL</keyword> where it hurts the most With the supply chain impacted due to the coronavirus lockdown across the country, overall revenue has been affected on expected lines. “Demand patterns are changing, and we are likely to see an upswing in categories like health, hygiene and nutrition. In the near term, we are also likely to see some adverse impact on discretionary categories and out of home channel,” the company statement said. Earlier on April 23, <a href="https://economictimes.indiatimes.com/markets/stocks/earnings/unilever-withdraws-outlook-for-2020-will-pay-interim-dividend/articleshow/75317560.cms">Unilever</a> withdrew its full year forecast and had said that it cannot assess the impact of coronavirus on its business. Many of HUL products come under essentials along with LifeBuoy sanitizers and hand wash in its brands, however that wasn’t expected to help the company. “High stocking up will not compensate for the soft demand for a long period. HUL has ramped up supply for soaps and sanitizers for a while now since the outbreak in China. People are, however, hoarding these products to a very large extent and hence it is difficult to meet demand,” an Edelweiss estimate had said earlier. The biggest food company in India With its merger with Glaxosmithkline Consumer Healthcare (GSK), Hindustan Unilever became the biggest food company in India. According to reports, GSK is also planning to sell 5.7% stake in HUL worth $3.7 billion. Through the merger HUL acquired Horlicks from GSK for ₹30.5 billion. However, after the deal was sealed, GSK has decided to dump the $3.9 billion worth HUL shares that it received as part of the deal. The expected flooding of shares in the market from GSK also took the HUL stock down in trade three days in a row, ahead of today’s earnings report. See Also: <a href="https://www.businessinsider.in/policy/economy/news/rbi-extends-amended-money-market-trading-hours-from-10-am-to-2-pm-till-further-notice/articleshow/75468609.cms">India's blue-chip indices see a dizzying rally this week thanks to a series of good news⁠— these are the top gainers and what pumped them up</a> <a href="https://www.businessinsider.in/stock-market/news/here-is-a-list-of-top-25-stocks-that-qualify-for-ten-baggers-according-to-ambit/articleshow/75468072.cms">Here is a list of top 25 stocks that qualify for ‘Ten Baggers’, according to Ambit</a>

HUL fourth-quarter volume growth down 7%, profit falls 1%, India sales slide 9% ⁠— as COVID-19 strikes India’s largest consumer firm

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b17f0de1ae66221008b4c36-1888/screen shot 2018-06-06 at 153245.png" border="0" alt="Stephen Hammond MP" data-mce-source="YouTube/Colchester Conservatives" />YouTube/Colchester ConservativesStephen Hammond MP.</div></div></div><ul><li>Conservative rebel MPs claim more and more Tories are ready to join them and back a soft Brexit.</li><li>15 Tory MPs signed an amendment calling on Theresa May to pursue a Norway-style Brexit which effectively keep Britain in the single market via the European Economic Area.</li><li>A leading rebel has told Business Insider that more Conservative MPs will get on board before the vote next week.</li><li>A fight is underway within the Labour Party over whether Corbyn should embrace the EEA. </li></ul><hr /> LONDON - Conservative rebels believe that support among the party's MPs for a Norway-style soft Brexit could be at a tipping point as moderates grow increasingly alarmed at the state of Brexit negotiations.On Tuesday MPs will vote on an amendment to the Withdrawal Bill which, if passed, would instruct Theresa May to pursue a soft form of Brexit known as <a href="http://uk.businessinsider.com/what-is-the-norway-model-brexit-2018-4" target="_blank" rel="noopener">the Norway model</a>, plus 14 other amendments.This would involve the UK leaving the European Union but keeping full access to the single market by joining the European Free Trade Association (EFTA), which is a non-EU member state's ticket to joining the EEA.On Monday Labour leader Jeremy Corbyn dealt a blow to pro-EEA movement when he confirmed that he does not support the Norway model and would instruct Labour MPs to abstain from the vote.This triggered furious reactions from pro-EU Labour MPs. Former shadow frontbenchers Chuka Umunna and Owen Smith plus others publicly criticised the move. One MP told BI it amounted to "madness" and "a complete Horlicks." However, fresh life was breathed into the cross-party effort on Wednesday, when 13 Conservative MPs signed an amendment to the upcoming trade bill, which instructs May to keep Britain in the EEA via EFTA. <h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5b17eb371ae6621c008b49e6-848/gettyimages-511401554.jpg" border="0" alt="Anna Soubry Nicky Morgan" data-mce-source="Chris J Ratcliffe/Getty Images" />Chris J Ratcliffe/Getty ImagesAnna Soubry and Nicky Morgan</div></div></div>Tory MPs backing the new EEA amendment</h2><ul><li>Stephen Hammond</li><li>Mr Dominic Grieve</li><li>Nicky Morgan</li><li>Antoinette Sandbach</li><li>Bob Neill</li><li>Anna Soubry</li><li>Dame Caroline Spelman</li><li>Jonathan Djanogly</li><li>Kenneth Clarke</li><li>Heidi Allen</li><li>Paul Masterton</li><li>Dr Sarah Wollaston</li><li>John Stevenson </li></ul>The Tory amendment, tabled by Stephen Hammond MP, was signed by the usual Brexit rebels, but also by a new name in Caroline Spelman, the MP for Meriden. A rebel whose signature is on the amendment told Business Insider that the group has reason to believe more names will come forward prior to the vote on Tuesday."An increasing number of colleagues are warming to the EFTA-EEA model on the simple basis that time is running out and we need something there and ready," the MP - who wished to remain anonymous - told BI.They added that a "new group" of Conservative MPs have formed in recent weeks, which is ready to work with Hammond, Anna Soubry and other Tory rebels in pushing for a soft Brexit. This faction contains MPs who are alarmed by the current state of Brexit negotiations, and are willing to vote for the EEA amendment on the basis that the Norway option could be used as a transitional model to smoothen Britain's exit, the MP told BI."They tell us that we entered the European Union via the EEA, so why can't we exit via the EEA?"Labour MP Umunna also hinted at more Tory MPs getting on board with the EEA on Tuesday, telling a press conference that the 15 names on the amendment paper "don't account for those who haven't gone on record."The feeling among rebels is that the amendment still doesn't have enough support to pass. However, they believe that support is growing, and will at a minimum give the government a bigger scare than initially thought. A Conservative MP planning to support the EEA amendment next week suggested to BI that the high chance of defeat makes voting for it a "free hit," meaning Tories have nothing to lose.Earlier this week, Svein Roald Hansen - the Norwegian Parliament's delegate to the EFTA and EEA - <a href="http://uk.businessinsider.com/inside-the-battle-to-keep-britain-in-the-single-market-norway-brexit-2018-5" target="_blank" rel="noopener">told BI</a> that it would be "very difficult" to say no to Britain joining the club after it has left the EU.However, the MP for Norway's Labour MP said Oslo was concerned that Britain would be an awkward partner and demand opt-outs from the EEA Agreement.Soubry, the MP for Broxtowe, told BI on Wednesday that Britain must "grow up" and play by the EEA's rule in order to protect its economic interests. "We've done the same with the EU. We wanted opt-outs when we were in, and now we want opt-ins now we're heading out," she said. Our Brexit Insider Facebook group is the best place for up-to-date news and analysis about Britain's departure from the EU, direct from Business Insider's political reporters. Join <a href="https://www.facebook.com/groups/267178180471848/">here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/economist-weighted-voting-could-help-save-us-democracy-2018-5">This top economist has a radical plan to change the way Americans vote</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/tdQolVXA-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

These Conservative rebels believe support for a Norway-style soft Brexit is at a tipping point

<ul><li><keyword id="99676" type="PERSON" weightage="100" keywordseo="Shilpa-Shetty-Kundra">Shilpa Shetty Kundra</keyword>, who has been missing from the big screen for the past 13 years has become the face of yet another brand. </li><li>She has 13 brands in her kitty from varied categories like Food &amp; Beverages, Telecom, Skincare, FMCG, Chocolates, and more. </li><li>As Shilpa signs another brand, we try to decode what still makes the actor relevant and how she has become an example of breaking age-disparity in the industry. </li></ul>Shilpa Shetty Kundra, the 43-year-old Bollywood actress, has bagged yet another brand in her kitty. She is now the face of home decor brand, Stellar Homes USA and represents 13 brands in total. Shilpa was last seen on the silver screen in the 2007 film Apne but she never really left the limelight. She continued judging various TV reality shows, became an entrepreneur by starting her own fitness channel called The Shilpa Shetty app and invested in a start-up called Mamaearth. Shilpa has over 1.6 million subscribers on her YouTube channel, which covers fashion tips, her fitness regime and a cooking show. While on Instagram, she has gained more than 6 million followers in a short span of time. According to media reports, she has a net worth of $20 million. This year, her long sabbatical of 13 years will also come to an end as she will be seen in two movies -- Nikamma and Hungama 2. Brand Journey Shilpa was 16 and a part of the modelling world when an aerated drinks brand approached her. Today, she regrets falling for money and choosing shortcuts. Shilpa is now wary of the kind of brands she chooses to work with. She has walked out of the meeting rooms if she doesn’t resonate with the brand. “Earlier, I really didn't think about whether I suited the brand. It was only about whether I was getting paid enough to leverage my name. But in the last five years, there has been a change in my thought process. When people take you seriously as a brand or rather someone synonymous with health and fitness, you become more responsible. So if something doesn't resonate with my personality or something that I can't use at home for my family or me, I won't endorse it,” admits Shilpa. Before her big release lined up this year, Shilpa turned down a Rs 10 crore offer from an Ayurvedic Slimming Pill brand because she did not want youngsters, who look up to her, to fall for fad diets. “There's so many brands I have turned down, I can't sit down and list those,” she breaks into a chuckle. She says she would have bagged a lot more brands and made more money had she not been so fastidious. Pan Masala brands and Aerated Drinks are completely off her list and she says she wouldn’t consider endorsing them ‘for all the money in the world.’ Explaining her modus operandi of choosing deals, she says, “I'm very particular and there's a lot of due diligence that goes into the brands that I work with. And I really believe that there is no shortcut in life. If you were to tell people that by popping pills you will lose weight, I think people who actually work out the right way will start losing faith in what they're doing. And I just feel that though we stopped focusing on mental health, and we will be talking about prizes and losing weight, fitting into a certain size, I think mental health is equally important. And I can't endorse something that doesn't fall into line with my philosophy.” The secret behind her relevance in the industry It was during her post-pregnancy period that Shilpa was asked a lot of questions about her fitness regime on the internet. She joined social media to help people out and realised that the audiences’ love for her hasn’t changed. She used that to her advantage and started her own application. It is her penchant for fitness and strong social media following, that brands still find her relevant. “After all these years, I feel like I stayed relevant. Today, I'm doing two films after 13 years but people still know me, not only because of television, but also because I stand for propagating good health. I want to bring about an awareness and want to play the role of a catalyst. As actors, we are always looked up to, and we have the power of social media. I used that to start my own YouTube channel,” shares Shilpa. Now, Shilpa Shetty is in-between meetings, looking for a fundraiser for her application to expand her reach further. Experts Speak Ashutosh Harbola, CEO and Co-founder, Buzzoka thinks that Shilpa had a strong influence on the industry since she made her fortune in Big Brother; her brand image changed after that and IPL, he says, added a cherry on the cake. “Shilpa Shetty is an ever-blooming social media star and her constant touchpoint with her audience makes her relevant even when she doesn't have too much in her kitty. From a brand's perspective, it's the right fit. Since the social and digital-first audience is always on social media, their appetite for relevancy is much filled. Also, Shilpa has been testing a couple of other platforms too which is keeping her both busy and buzzed. We all saw her entry on TikTok and it's a perfect example of being in the news for the right reasons,” says he. “Post her marriage, she is amongst the rich kids of Instagram making the world drool on her cuteness and the lavish lifestyle,” adds Harbola. N Chandramouli, CEO, TRA Research, highlights how strong her social media currency is, which is one of the reasons why brands still love her. “It is not easy for an actor who has been out of an active acting career for over 10 years to continue to stay relevant. However, Shilpa Shetty has reinvented herself in many new avatars to do what she is good at. She is a fitness icon, TV reality show judge, fashionista, partner in a spa chain, has over 1.6 million subscribers on her Youtube food channel, 6 million followers on her Instagram, among other things. Guess that's more than enough to keep her relevant with new-age millennials and others,” says Chandramouli. Social Media and Brand Expert, Karthik Srinivasan thinks Shilpa’s relatability factor for millennials and Gen Y has worked in her favor. “Shilpa Shetty, I believe, appeals to and can be recognised by a whole lot of middle-aged and older women unlike an Ananya Panday or Alia Bhatt. That relatability is what perhaps works in her favor. Ditto for actors like Vidya Balan. To some extent, it's also a factor of a 40+ woman actor to continue to want attention, work and assignments. Some may choose to shun the limelight and live a more obscure life surrounded by people close to them, as a way to escape the excess attention of earlier times. Shilpa Shetty has been in the limelight long after her exiting the film industry, including her foray into owning teams and so on. So, modeling and films continue to help her position her brand,” explains Srinivasan. An inspiration for other actresses The Khans of Bollywood and actors like Akshay Kumar and Amitabh Bachchan, still continue to be the Top 10 celebrities. Senior actresses, on the other hand, struggle to find film projects. As they vanish from the limelight after they get married, brands stop approaching them. Shilpa is unhesitant to agree that she found her calling much later in her career arc and feels women are finally stepping up to turn the tables. “I found my calling very late but I guess better late than never. Also, times are changing. You see actresses are far more daring today. It's also a more egalitarian world now. Women are given far more opportunities. I think women today are willing to take risks. And yes, it's a different world. And I think that's the only thing that's constant - change,” says Shilpa. Srinivasan also thinks the situation is changing, thanks to actresses like Shilpa Shetty and Vidya Balan and script writers that are breaking the age stereotypes. “I think as an industry, Bollywood (and the regional film industries, in particular) have moved definitely away from age-limits for women actors. While there's always (and still) a demand for young women actors, there are scripts being written for older ages as well, who do not fit the conventional stereotypes of a leading woman in films,” says Srinivasan. He adds, “From a branding point of view, I was very pleasantly surprised to see Tapsee Pannu featured in a Horlicks ad where she was specifically called out as being 30+. Or a Kangana Ranaut playing a mother of a boy in Panga. This scenario was unheard of a few years ago when only men had the freedom to be called 30+, 40+ and still get away with conventional roles in films. 40+ Shilpa Shetty is a variant of the 30+ Tapsee and Kangana.” Chandramouli, on the other hand, feels the onus also lies on actresses. “Brands take endorsements from 53-year-old male actors endorsing colas, and 77-year-old males endorsing everything. When it comes to women celebrities, there are occasions when you will see someone like Madhuri Dixit, who is above 50 years get endorsements. But many don't get as lucky as her. And this age-related aberration is one of the strangest as many times when choosing actors playing an older role, directors tend to cast younger actors. To correct this is the responsibility of female actors as also it is of brands and advertising agencies. Many times due to the paucity of opportunities, women celebrities above 40 tend to start focusing on other areas of their interests in work and personal life. In a highly competitive world, they must continue to stay relevant in their interest areas, stay connected with audiences, and find new interests which find newer fans. Since all endorsements are a commercial arrangement, the fee of endorsement also matters, for the potential endorsers must be willing to adjust fees in line with market demand. For the brands and agencies, it is important to have greater acceptance, to try the different, reink campaigns with such potential endorsers.” While many actresses have come and vanished with time, Shilpa Shetty Kundra has never left the showbiz, setting an example for other female actors in the industry.

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The $452 million Unilever-GSK deal had to be changed because India’s love for Horlicks is worth billions

Navdeep Yadav

Horlicks helps HUL clock a profit – but shareholders want more

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