New Delhi, Feb 15 (PTI) Shares of Nestle India today gained over 4 per cent adding Rs 2,998.52 crore to its
market capitalisation 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 per cent.
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 per cent.
“Nestle’s focus on innovation, new launches, market share and premiumisation is envisaged to boost volume-led growth. Also, the company’s new strategy—top line and market share focus—is encouraging,” Edelweiss Securities said in a research note.
The FMCG major yesterday reported an increase of 59.57 per cent 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 per cent 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 per cent 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.
This is published unedited from the PTI feed.