Nestle India hits new high of Rs 20,000; stock up 13% so far in August

On July 29, 2021 the board approved scheme of arrangement, which envisages the transfer of the entire balance of Rs 837.43 crore standing to the credit of the general reserve to the retained earnings

Shares of Nestle India continued their upward trajectory, hitting a new high and Rs 20,000 mark for the first time on Friday as the stock rose 1 per cent on the National Stock Exchange (NSE) amid expectations of healthy revenue growth. The stock of the packaged foods company surpassed its previous high of Rs 19,641.10 touched on Friday, August 20, 2021.

Thus far in the month of August, Nestle India has rallied 13 per cent, as compared to a 5.6 per cent rise in the Nifty50 index. For the April-June 2021 quarter (Q2CY21), Nestle India had reported slightly better-than-expected revenue growth