Nestle India rose 2.60% to Rs 5,375.25 at 15:24 IST on BSE after the stock entered the MSCI India index with effect from Tuesday, 26 November 2013.
Meanwhile, the BSE Sensex was down 17.70 points, or 0.09%, to 20,407.32.
On BSE, 52,000 shares were traded in the counter compared with average volume of 5,374 shares in the past one quarter.
The stock hit a high of Rs 5,555.50 and a low of Rs 5,160 so far during the day. The stock hit a record high of Rs 5,864.85 on 18 July 2013. The stock hit a 52-week low of Rs 4,410 on 28 March 2013.
Shares of Nestle India also witnessed bargain hunting after the stock fell 7.41% in the preceding six trading sessions to Rs 5,238.90 on 26 November 2013, from a recent high of Rs 5,657.95 on 18 November 2013.
The stock had underperformed the market over the past one month till 26 November 2013, sliding 5.29% compared with the Sensex's 1.25% fall. The scrip had also underperformed the market in past one quarter, rising 7.68% as against Sensex's 10.06% rise.
The large-cap company has an equity capital of Rs 96.42 crore. Face value per share is Rs 10.
The Morgan Stanley Capital International (MSCI) included Nestle India in its MSCI India index, effective from the close of trade on Tuesday, 26 November 2013.
MSCI Barra is a leading provider of benchmark indices and risk management analytics products. Many global mutual funds are linked with MSCI indices. Hence, any new stock addition in MSCI index will require the fund tracking that index to include it in its portfolio.
Net profit of Nestle India rose 6.62% to Rs 285 crore on 11% rise 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.
Powered by Capital Market - Live News
