Nestle soars to life-time high on Q1 net rise

The stock finally settled at Rs 2,205, up 6.5% from the previous close. The counter clocked 42,522 shares on the BSE.
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(Updated at 1041hrs)

Nestle has soared 7.5% on a rise in Q1 net profit.

The stock opened at Rs 2,095 and quickly zoomed 8.5% to a new high of Rs 2,250. It's now near its high at Rs 2,223 - up 7.5%. The stock has soared 85% in from the 52-week low of Rs 1,220. Around 10,763 shares have been traded at the counter so far.

On account of a positive influence of tax benefits and export incentives, Nestle, the fast-moving consumer goods (FMCG) major, registered a consolidated net profit increase of 34 per cent for the quarter ended June 30, at Rs 162 crore, compared with Rs 121 crore in the corres-ponding quarter of the previous financial year.

The revenue for the first quarter also increased by 17 per cent to Rs 1,215 crore, as compared with Rs 1,036 crore last year.