Nestle India rose 3.35% to Rs 6,269.85 at 14:12 IST on BSE after the Bombay High Court allowed the company to export Maggi noodles.
The announcement was made during market hours today, 30 June 2015.
Meanwhile, the BSE Sensex was down 12.86 points, or 0.05%, to 27,632.29
On BSE, so far 24,991 shares were traded in the counter, compared with an average volume of 12,904 shares in the past one quarter.
The stock hit a high of Rs 6,300 and a low of Rs 6,032 so far during the day. The stock hit a record high of Rs 7,499.95 on 10 March 2015. The stock hit a 52-week low of Rs 4,845 on 10 July 2014.
The stock had underperformed the market over the past one month till 29 June 2015, falling 11.53% compared with 0.66% fall in the Sensex. The scrip also underperformed the market in past one quarter, sliding 11.45% as against Sensex's 0.68% gain.
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The large-cap company has an equity capital of Rs 96.42 crore. Face value per share is Rs 10.
The Bombay High Court in its hearing today, 30 June 2015 allowed Nestle India to continue the export of Maggi noodles. The High Court has fixed the matter for further hearing on 14 July 2015, Nestle India said. As the matter is sub-judice, Nestle India cannot make any further comment on the case and is awaiting the official order from the High Court, it added.
On 15 June 2015, Nestle India had said that it is in the process of withdrawing Maggi Noodles stock from the market and destroying it. The estimated sales value of the stock in the market, including those with the company's trade partners was around Rs 210 crore, Nestle India had said. In addition, there were Maggi Noodles and related materials lying at factories and distribution centres when the withdrawal was announced and the estimated value of these is around Rs 110 crore, Nestle India had said.
On 5 June 2015, the Food Safety and Standards Authority of India (FSSAI) directed Nestle India to withdraw and recall all the nine approved variants of its MAGGI Instant Noodles from the market, having been found unsafe and hazardous for human consumption.
Nestle India's net profit rose 23.6% to Rs 320.28 crore on 8.4% growth in net sales to Rs 2506.79 crore in Q1 March 2015 over Q1 March 2014.
Nestle India is a subsidiary of Nestle S.A. of Switzerland. Nestle is the world's leading Nutrition, Health and Wellness company.
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