Nestle India gains 3% in subdued market; trades at four-month high level

The country's largest food company, Nestle India, is planning to avail the Union government's production-linked incentive scheme to boost exports.

Shares of Nestle India were in focus, hitting four-month high of Rs 17,500, up 3 per cent on the BSE on Friday in otherwise subdued market. The rise comes on expectation of higher growth by the company going forward. The stock of packaged foods company was trading at its highest level since July 2020. It had hit a record high of Rs 18,301 on April 17, 2020. In comparison, the S&P BSE Sensex was trading flat at 43,600 points at 11:06 am.

Boosted by an increase in home consumption, the company’s key brands like Maggi Noodles, Maggi Sauces, Kitkat,