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Nestle India set first stock split date; Big Opportunity for Investors

21Dec By PriyankaNo Comments

Market

Nestle India set first stock split date; Big Opportunity for Investors

Mumbai, 21st December, 2023: Nestle India, the owner of popular brands like Nescafe, Maggi, and Kit Kat, is set to proposed stock split. The board of directors of this leading FMCG company has announced that January 5, 2024, will serve as the record date for the previously announced stock split. On October 19, Nestle's board granted approval for a stock split in the ratio of 1:10. This means that each equity share with a face value of ₹10 will be divided into 10 shares, each with a face value of ₹1. The stock split will result in an increased number of outstanding shares, thereby enhancing the liquidity of the share. Taking into account the most recent shareholding pattern available on the BSE, promoter entities presently hold a 62.8% stake in the company. Foreign institutional investor...

Could Maggi Be Banned Again? Ash Content Beyond Permissible Limits Found

The district administration of Shahjahanpur, UP, has slapped a fine on Nestle India and its distributors after its popular noodles brand Maggi allegedly failed to pass the lab test, even as the FMCG major maintained that "its a case of application of incorrect standards". The district administration had imposed a fine of Rs 45 lakh on Nestle, Rs 15 lakh on its three distributors and Rs 11 lakh on its two sellers. According to the district authorities, it had collected the samples last year in November and sent them for lab test, which had found ash content above the permissible limits of human consumption. Questioning the lab findings, Nestle India said it has not received the order yet and would file an appeal urgently once it receive the order. "While we have not received the o...

After relaunch in India, Nestle sells 3.3 crore packs of Maggi noodles in 10 days

Nestle India, one of the largest FMCG companies in India, has so far sold 3.3 crore packs of its instant noodles Maggi in 350 towns across the India since the re-launch of the product last week. The company is selling Maggi at 1.2 lakh outlets through 724 distributors. The company had re-launched Maggi noodles in the market on November 9, after fulfilling conditions set by Bombay High Court which lifted ban imposed by FSSAI and Maharashtra FDA. MAGGI Noodles is presently being manufactured at three locations, at Nanjangud (Karnataka), Moga (Punjab) and Bicholim (Goa). For the other two locations at Tahliwal and Pantnagar, the company is engaging with the relevant authorities to obtain directions to commence manufacture. On the financial implications of the ban on Maggi, th...