Nestle India shares gain on launching new variant of Maggi Noodles

By: | Updated: August 18, 2016 5:06 PM

Nestle India shares were trading higher in the morning trade on Wednesday after the company has introduced new additions to the Maggi Noodles portfolio

nestle india share priceNestle India shares were trading higher in the morning trade on Wednesday after the company has introduced new additions to the Maggi Noodles portfolio

Nestle India shares were trading higher in the morning trade on Wednesday after the company has introduced new additions to the Maggi Noodles portfolio – ‘Maggi Hot Heads’ and ‘Maggi No Onion No Garlic Masala’. At 10.10 am, shares of Nestle India were trading 0.37 per cent up at Rs 6736. The scrip opened at Rs 6756.35 and has touched a high and low of Rs 6770 and Rs 6736, respectively, in trade so far. Later, the scrip ended 0.18 per cent down at Rs 6699.65.

Maggi Hot Heads Noodles will be available for a price ranging between Rs 20 to Rs 22 for a 71 g pack. Maggi No Onion No Garlic Masala Noodles priced at Rs 15 for a 70g pack will be available initially in Gujarat, Mumbai and Katra. Maggi Cuppa Masala and Maggi Cuppa Chilly Chow will be available for Rs 40 (70g) and Maggi Hot Heads Cuppa Noodles variants for Rs 50 (70g).

Promotes hold around 62.76 per cent stake in the company, while institutions and non-institutions held 20.27 per cent and 16.96 per cent, respectively. Shares of Nestle had touched their 52-week high of Rs 7,390 on July 29, 2016 and a 52 week low of Rs 4,990 on Feb 29, 2016.

For the quarter ended June 30, 2016, Nestle India reported a standalone net profit of Rs 230.84 crore, up 458.45 per cent, against net loss of Rs 64.40 crore in the corresponding quarter a year ago.

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