Nestle India rose 1.37% to Rs 7,044.80 at 12:10 IST on BSE on reports the company is planning to introduce healthier food options.
Meanwhile, the S&P BSE Sensex was down 16.81 points, or 0.05%% to 31,645.16.On the BSE, 2,941 shares were traded in the counter so far, compared with average daily volumes of 8,295 shares in the past one quarter. The stock had hit a high of Rs 7,096.40 and a low of Rs 6,943.20 so far during the day. The stock hit a 52-week high of Rs 7,120.05 on 31 August 2017. The stock hit a 52-week low of Rs 5,701.05 on 9 November 2016.
The stock had outperformed the market over the past one month till 6 September 2017, rising 3.96% compared with 1.10% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 4.04% as against Sensex's 1.44% rise. The scrip had underperformed the market in past one year, rising 7.27% as against Sensex's 9.46% rise.
The large-cap company has equity capital of Rs 96.42 crore. Face value per share is Rs 10.
According to reports, Nestle India is focusing on supporting home cooking with healthier options by introducing a few initiatives such as simplifying ingredients, reducing sodium and increasing micronutrient fortification among other.
Nestle's general manager, Maarten Geraets, was quoted by the media as saying that the iconic Maggi brand is on a mission to support home cooking with healthier and tastier choices, by simplifying ingredients, reducing sodium and increasing micronutrient fortification. The launch of Maggi Nutri-Licious noodles range is in continuation to the company's commitments towards Maggi 'Simply Good' initiative, he reportedly said.
Recently the Food Safety and Standards Authority of India (FSSAI) has reportedly urged food product manufacturers to make products with certain level of micronutrients specified by the central food regulator. The body also has urged to follow certain fortification procedures in this regard.
Net profit of Nestle India rose 9.66% to Rs 263.43 crore on 6.86% rise in net sales to Rs 2386.54 crore in Q1 June 2017 over Q1 June 2016.
Nestle India is a subsidiary of Nestle S.A. of Switzerland. The company manufactures internationally famous brand names such as Nescaf Maggi, Milkybar, Kit Kat, Bar-One, Milkmaid And Nestea, etc.
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