Shares of food and beverages major Nestle India Ltd rose over 4% to hit a record high in early deals on Tuesday after the firm fixed Friday, January 5, 2024 as the record date for determining entitlement of equity shareholders for the purpose of sub-division/split of existing equity shares. The board of the firm had announced the stock split in the ratio of 1:10.
This is the first ever stock split for the company. The stock split will bring Nestle India's share price to one tenth of the current price. The sub division of shares will make the scrip more affordable for retail investors and increase liquidity at the counter.
On October 19, Nestle India announced an interim dividend of Rs 140 during the Q3 earnings of the FMCG firm. The dividend amounting to Rs 1,349.82 crore, was paid on and from November 16. In the current session, the stock rose 4.46% to Rs 25,442.75 on BSE. Market capitalisation of Nestle India climbed to Rs 2.43 lakh crore. Total 7523 shares changed hands amounting to a turnover of Rs 18.77 crore.
The stock hit a 52-week low of Rs 17,888 on March 15, 2023 and a record high of Rs 25,442.75 on December 19 , 2023.
In terms of technicals, the relative strength index (RSI) of the stock stands at 48, signaling it's trading neither in the overbought or oversold zone. The stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
The stock has gained 29.12 percent in 2023 and risen 25.76% in a year.
The company logged a 37.28 per cent year-on-year (YoY) rise in profit after tax to Rs 908.08 crore in Q3 compared with Rs 661.46 crore in the corresponding quarter last year.
Revenue from operations rose 9.45 per cent YoY at Rs 5,036.82 crore in Q3 against Rs 4,601.84 crore in the corresponding quarter of last year. Nestle India said domestic sales for the quarter increased 10.3 per cent and was broad based, with prudent pricing supported by mix and volume.
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