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regular-article-logo Thursday, 18 April 2024

Shares of Nestle India take a beating ahead of stock split scheduled on January 5

In October, the company had declared its first ever stock split of 10:1. Since the announcement, its shares have run up by more than 10 per cent as investors accumulated them to benefit from the sub-division of shares

Our Special Correspondent Mumbai Published 03.01.24, 11:06 AM
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Shares of Nestle India on Tuesday closed with marginal losses ahead of its stock-split that will happen on January 5.

In October, the company had declared its first ever stock split of 10:1. Since the announcement, its shares have run up by more than 10 per cent as investors accumulated them to benefit from the sub-division of shares. It is expected that after the stock split, the counter could see more interest from retail investors who could not get their hands on its shares earlier.

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The scrip on Tuesday settled at Rs 27230.90, a drop of 0.49 per cent or Rs 134.45 over the last close in the BSE.

Nestle India which follows a January-December financial year had reported an increase of 37.28 per cent in net profit at Rs 908.08 crore for the quarter ended September 30 compared with Rs 661.46 crore in the same period a year ago. This came on the back of sales rising to Rs 5,009.52 crore against Rs 4,577.44 crore in the year-ago period, a rise of 9.43 per cent.

This was the first time sales had crossed the Rs 5,000 crore mark. While e-commerce contributed to 6.1 per cent of the quarterly sales, the D2C platform performed well in the Delhi NCR region.

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