Nestle India shares wipe off initial gains, close 0.57% down

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Updated: November 9, 2015 4:23:13 PM

Nestle India sharesNestle India shares gained as much as 4 per cent on Wednesday after the company informed BSE that it is planning to commence sale of Maggi Noodles from this month (Photo: Reuters)

Nestle India shares gained after it announced that Maggi Noodles is back in the market from Monday. The company has partenered with ‘Snapdeal’ to roll out online sales to market this festive season.

At 10.09 am, shares of Nestle India on BSE were up 0.38 per cent at Rs 6195. The scrip opened at Rs 6,150 and had touched a high and low of Rs 6,195 and Rs 6109.05, respectively. Sensex ws down 342 points, or 1.30 per cent, at 25,932.55.

However, the scrip shed all of its day’s gain and closed in red. Nestle India shares closed 0.57 per cent down at Rs 6,136.70.

In a BSE filing, the company said, “With the commencement of sale of Maggi Noodles Masala today, we will make our best endeavour to reach the product to our consumers at the earliest. We are in touch with our channel partners and distributors to achieve this. They are enthusiastic about the reintroduction of Maggi Noodles and are helping us in ensuring that our beloved Maggi Noodles are available to consumer soon. Separately, Nestle India is pleased to partner with ‘Snapdeal’ to roll out online offers to mark this special occasion.”

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 engaged with the relevant authorities to obtain directions to commence manufacture.

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