Whalesbook
Leading brokerage Nuvama has initiated a 'Buy' rating on Hindustan Unilever (HUL), setting a target price of Rs 3,200, which suggests a potential 33% upside. The upgrade is primarily driven by the upcoming demerger of HUL's ice cream business, with December 5, 2025, set as the record date. Shareholders will receive one share of the new ice cream entity, KWIL, for each HUL share. Nuvama expects this separation to enhance HUL's EBITDA margins by 50-60 basis points and unlock the ice cream business's full potential amid strong market growth and favourable tax changes.