Nestle India jumps after tie up with Flipkart to launch new Maggi variant

Nestle India rose 4.40% to Rs 11366.95 at 10:16 IST on BSE after the company announced that it will partner with Flipkart to launch MAGGI Special Masala Noodles.

The announcement was made after market hours on Tuesday, 21 August 2018.

Meanwhile, the S&P BSE Sensex was down 17.05 points, or 0.04% to 38,268.70.

On the BSE, 5,467 shares were traded in the counter so far compared with average daily volumes of 13,000 shares in the past two weeks. The stock had hit a high of Rs 11,373.60 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 10,885 so far during the day. The stock hit a 52-week low of Rs 6,585 on 24 August 2017.

As a part of the partnership, from August 21 consumers can pre-book MAGGI Special Masala Noodles on Flipkart, this product will also be available exclusively on Flipkart from August 25 - 30, following which it will be available nationwide through Nestle's strong distribution reach.

Net profit of Nestle India rose 49.96% to Rs 395.03 crore on 12.24% rise in net sales to Rs 2678.57 crore in Q2 June 2018 over Q2 June 2017.

Nestle India is a subsidiary of Nestle S.A. of Switzerland. Nestle is the world's largest food and beverage company. It has more than 2000 brands ranging from global icons to local favourites.

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