Nestle India shares surge after Maggi clears test by CFTRI

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New Delhi | Updated: April 12, 2016 5:02 PM

Nestle India shares surged over 4 per cent in the early trade on Tuesday after the company said that Maggi has cleared tests conducted by Central Food Technological Research Institute.

Nestle India shares, Maggi, CFTRINestle India shares surged over 4 per cent in the early trade on Tuesday after the company said that Maggi has cleared tests conducted by Central Food Technological Research Institute (CFTRI) (Express Photo)

Nestle India shares surged over 4 per cent in the early trade on Tuesday after the company said that Maggi has cleared tests conducted by Central Food Technological Research Institute (CFTRI) under the directive of Supreme Court, reiterating that its instant noodles brand is safe for consumption.

At 9.26 am, shares of Nestle India were trading 3.87 per cent up at Rs 6,100. The scrip opened at Rs 6,039.80 and has touched a high and low of Rs 6180 and Rs 6,039.80, respectively, in trade so far. Later, the share price ended 4.48 per cent up at Rs 6135.80.

“CFTRI has submitted analysis reports on Maggi noodles to the Supreme Court. We have been provided with a copy of the reports. We are happy that all 29 samples tested by CFTRI are clear,” Nestle India said in a statement.

The reports state that lead levels for all samples are within permissible limits. “All 29 samples of Maggi Noodles, ( the initial 13 and
subsequent 16 samples), were collected by the relevant authorities following due process and then directly submitted to CFTRI,” Nestle India said.

For the quarter ended December 2015, Nestle India reported net profit of Rs 183.19 crore, down 43.87 per cent, against Rs 326.38 crore in the same quarter last year.

In the past one year, shares of Nestle India skid 17.45 per cent to Rs 5872.70 till April 11, whereas BSE Sensex slipped 13.85 per cent during the same period.

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