Nestle defies market rout, but fails to sustain early gains

Mauled in the markets for a long time, Nestle India today sought to defy a widespread mayhem on Dalal Street with nearly 2 per cent intra-day gain, but failed to sustain at higher levels and ended the day in the red.
Among the A-listers in the stock market, only two -- Videocon Industries and NMDC -- managed to end the day with gains.
Stocks of Nestle India today opened at Rs 6,100 and surged 1.76 per cent to an high of Rs 6,213.65 on BSE. However, the stock failed to sustained the gains and dipped by 0.9 per cent to close at Rs 6,044.50.

On the NSE, similar trend was seen as the stock opened at Rs 6,078 and touched an intra-day high of Rs 6,208.75, up 1.93 per cent from its previous close. The stock closed at Rs 6,034, down 0.93 per cent from the previous close.
Nestle India is planning to bring back the popular instant noodles brand Maggi in the market by end of this year subject to certain clearances.
"We will try and target something that is better than that. My desire is to do it before that but let's see," Nestle India Managing Director Suresh Narayanan had told PTI in an interaction yesterday.

He had said, as per court directives, this quarter it would go in for testing of Maggi samples at three independent laboratories in Punjab, Hyderabad and Jaipur which are accredited with National Accreditation Board for Testing and Calibration Laboratories (NABL).
The early gains in the Nestle counter assumes significance as the broader market witnessed bloodbath with the Sensex crashing by 1,624.51 points to close at 25,741.56 points.