Nestle India is trading higher by 4% at Rs 5,482, extending its previous day’s 4% rally, in otherwise weak market after CLSA upgraded the stock to "outperform" from "sell" and raised its price target to Rs 5,850 from Rs 4,900.
The stock opened at Rs 5,300 and touched high of Rs 5,515 on BSE. A combined 27,406 shares change hands on the counter till 1010 hours on both the exchanges. The stock hit a record high of Rs 5,865 on July 18 this year.
“CLSA said Nestle India will see better days ahead as the consumer goods maker is starting to see improving sales while it remains less dependent on imports than competitors such as Hindustan Unilever Ltd,” the Reuters report suggests.
"We see earnings acceleration ahead which should drive the stock performance," CLSA said in a note, added report.
The stock opened at Rs 5,300 and touched high of Rs 5,515 on BSE. A combined 27,406 shares change hands on the counter till 1010 hours on both the exchanges. The stock hit a record high of Rs 5,865 on July 18 this year.
“CLSA said Nestle India will see better days ahead as the consumer goods maker is starting to see improving sales while it remains less dependent on imports than competitors such as Hindustan Unilever Ltd,” the Reuters report suggests.
"We see earnings acceleration ahead which should drive the stock performance," CLSA said in a note, added report.
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