Initiatives of launching its D2C platform highlight Nestle India’s intent to premiumise, and further strengthen consumer engagement, said analysts at ICICI Securities
ZURICH, Dec 8 Nestle shares hit a record high in Zurich today after the Swiss food giant said it would raise about €8.9 billion (RM43 billion) by selling part of its stake in L’Oreal. Shares in the owner of Nespresso coffee pods and Maggi broths rose as much as 1.97 per cent to 124.34 Swiss.
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Nestle India reported net profit of Rs 602 crore.
Shares of the popular Maggi noodle maker - Nestle India - fell as much as 1.73 per cent to hit an intraday low of Rs 16,799 on the National Stock Exchange after it reported March quarter earnings post market hours on Tuesday. On the BSE, Nestle India shares declined as much as 1.67 per cent to hit an intraday low of Rs 16,800.
Nestle India reported net profit of Rs 602 crore on Tuesday, April 20, registering a growth of 14.6 per cent in the January-March quarter from Rs 525 crore during the same period last year. Nestle India reported double-digit domestic sales growth in the quarter ending March 2021 at 10.2 per cent, while overall sales grew by 8.9 per cent to Rs 3,600 crore.
Nestle India s recently launched strategy of product innovation and deeper penetration in the rural areas bodes well for the stock of the firm, according to analysts, who see an up to 17 per cent upside for it from current levels. The shares of the FMCG major have underperformed the market with a 12 per cent decline on a year-to-date (YTD) basis. During this period, the Nifty has jumped 3 per cent while the Nifty FMCG index has dipped 5 per cent, as per ACE Equity data. Going ahead, however, the fortunes are expected to look up as Nestle, at its analyst meet, unveiled a strategy to aggressively pursue expansion in the rural areas, increase capacity and focus on new product launches.