Nestle's First Factory In Eastern India: Odisha CM Lays Foundation Stone
The company had set up its ninth manufacturing unit in Gujarat in 2021.
Chief Minister Mohan Charan Majhi laid the foundation stone of Nestle India Ltd.'s new factory in Odisha on Thursday that will be set up with an initial investment of Rs 900 crore.
The factory in Khordha district will be the FMCG firm's 10th in India and the first in the eastern part of the country, according to an exchange filing.
"We are confident that this upcoming factory will not only help us with our business but will also stand tall as a vibrant example of gender diversity, sustainable manufacturing, paperless, digitally managed facility with an abiding focus on the environment," Suresh Narayanan, chairperson of Nestle India, said.
The company's first manufacturing facility was established in Moga, Punjab, in 1961, followed by the second in Tamil Nadu. It set up its ninth manufacturing unit in Gujarat in 2021.
Nestle's net profit rose 4.9% to Rs 688 crore in the third quarter of the current financial year, while revenue increased 3.9% to Rs 4,780 crore.
Shares of Nestle closed 1.58% higher at Rs 2,245.65 apiece on the National Stock Exchange, compared to a 0.35% fall in the benchmark Nifty. The stock has fallen 12.07% in the last 12 months but risen 3.48% on a year-to-date basis.
Nineteen out the 39 analysts tracking the company have a 'hold' rating on the stock, 11 recommend 'buy' and nine suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 7.4%.
