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Business & Stocks Economic Times Markets • Oct 29, 2026

Jefferies links potential LTCG tax rationalization to FII inflow recovery; HUL posts 4% Q2 profit growth

💡 Key Takeaways

•Jefferies cites LTCG tax rationalization as a primary catalyst for FII return.
•HUL Q2 FY27 net profit rose 4% to Rs 2,790 crore with 15% revenue growth.
•Brokerages maintain up to 29% upside for HUL despite target price revisions.

NEW DELHI [NCRBuzz Wire] — **Global brokerage Jefferies has identified a potential rationalization of the Long-Term Capital Gains (LTCG) tax as a critical lever to reverse recent record foreign institutional investor (FII) outflows from Indian equities.** The analysis suggests that sectors including banking, Reliance Industries, utilities, and real estate are best positioned to benefit from such a fiscal policy shift.

### Corporate Performance: HUL Q2 FY27

**Hindustan Unilever (HUL) reported a 4% year-on-year increase in net profit to Rs 2,790 crore for Q2 FY27, alongside a 15% revenue expansion to Rs 18,226 crore.** Following the announcement, HUL shares saw a 3% uptick. While institutional brokerages including Jefferies, Nomura, and JM Financial have revised their 12-month target prices downward, they maintain a positive outlook, citing an estimated 29% upside potential driven by volume growth and operational resilience.

### Regulatory & Market Context

**Market sentiment remains heavily influenced by fiscal policy expectations regarding capital gains taxation.** While Domestic Institutional Investors (DIIs) have provided a buffer against volatility, the return of FIIs is viewed as contingent upon the government's stance on competitive taxation models compared to other emerging markets.

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🏛️ Background Context

FII participation in India has historically been sensitive to tax parity with other emerging markets. Recent record outflows have prompted discussions regarding the rationalization of capital gains tax structures to maintain market competitiveness.

💡 Citizen & Commuter Quick Explainer (FAQ)

Q1: What is the primary trigger for FIIs to return to Indian equities?

Jefferies suggests that a potential rationalization or reduction in the Long-Term Capital Gains (LTCG) tax could serve as a key incentive for foreign investors.

Q2: How did HUL perform in Q2 FY27?

HUL reported a 4% YoY increase in net profit to Rs 2,790 crore and a 15% increase in revenue to Rs 18,226 crore.

Q3: Why did brokerages cut HUL's target price?

Brokerages like Jefferies and Nomura adjusted target prices to reflect current market conditions and conservative valuation models, despite maintaining a bullish outlook on long-term upside.

Verified Wires: Economic Times Markets, Jefferies Equity Research, Google News Business Original Wire Dispatch ↗

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