Nestle India drops as overseas parent says no plan to hike stake

Nestle India lost 3.21% to Rs 5,275 at 13:09 IST on BSE after the company's overseas parent Nestle S.A. said there are no plans at present to increase stake in Nestle India.

Swiss food giant Nestle S.A. currently holds 62.76% stake in Nestle India (as per the shareholding pattern as on 30 September 2013).

Meanwhile, the S&P BSE Sensex was up 114.83 points or 0.56% at 20,535.09.

On BSE, 8,524 shares were traded in the counter as against average daily volume of 10,000 shares in the past two weeks.

The stock hit a high of Rs 5,380 and a low of Rs 5,250 so far during the day. The stock had hit a 52-week low of Rs 4,410 on 28 March 2013. The stock had hit a record high of Rs 5,864.85 on 18 July 2013.

Nestle India's net profit rose 6.6% to Rs 285 crore on 11% growth in net sales to Rs 2348.31 crore in Q3 September 2013 over Q3 September 2012.

Nestle India is a subsidiary of Nestle S.A. of Switzerland. It manufactures milk products and other food products.

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