Multiple headwinds likely to weigh on consumer stocks

Jefferies has cut FMCG giant Hindustan Unilever's earnings estimates for 2022-23 by 9% and by 3% for 2023-24. With soaps and detergents - the most impacted categories in the current inflation surge - accounting for around 40% of HUL's overall revenues, near-term margin headwinds are likely, said the brokerage.

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