Nestle India settles 4 pc up, mcap soars by Rs 3,000 cr
Team Udayavani, Feb 16, 2018, 2:49 PM IST
New Delhi: Shares of Nestle Indiacapitalisation on Thursday gained over 4% adding Rs 2,998.52 crore to its market on the back of good quarterly results.
The company’s shares surged to an intra-day high of Rs 7,640.00, but lost some ground and ended at Rs 7,571.10, up 4.28%.
Following an uptick in the counter, the market capitalisation of the company improved by Rs 2,998.52 crore to Rs 72,997.30 crore.
On the NSE, the stock touched an intra-day high of Rs 7,645.00, and finally ended the day at Rs 7,550.00, up 3.92%.
“Nestleâs focus on innovation, new launches, market share and premiumisation is envisaged to boost volume-led growth. Also, the companyâs new strategyâtop line and market share focusâis encouraging,” Edelweiss Securities said in a research note.
The FMCG major yesterday reported an increase of 59.57% in its net profit to Rs 311.83 crore for the fourth quarter ended December 2017, led by volume growth.
The company also noted that it has crossed the Rs 10,000-crore sales mark in 2017, joining a select group of publicly-listed FMCG companies in the country which have crossed the milestone.
The net sales of the company during the quarter under review was up 10.91% at Rs 2,589.64 crore, as against Rs 2,334.78 crore for the corresponding period a year ago.
Its net sales in 2017 soared 7.71% to Rs 10,135.11 crore, against Rs 9,409.60 crore in the previous year.
HUL and ITC are among a few listed FMCG companies which have reported annual sales of more than Rs 10,000 crore.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
Markets sustain winning streak — Sensex jumps over 560 points, Nifty tops 22,300-level
Sensex climbs 640 points, Nifty tops 22,300-level in early trade
MUST WATCH
Latest Additions
WATCH: 5 runaway military horses cause mayhem in London
FIR filed over BJP’s social media post allegedly promoting hatred and enmity: EC
Can’t control elections or pass directions on basis of suspicion: SC tells EVM critics
Amitabh Bachchan receives Lata Deenanath Mangeshkar Puraskar
Hubballi: Congress leader Randeep Surjewala visits Neha’s house, assures justice to family