Shares of Nestle India Ltd. rose the most in over two months on Wednesday as its board will consider a second interim dividend for 2023 and a stock split.
The board will meet on Oct. 19 to consider the unaudited financial results of the company for the third quarter and nine months ended Sept. 30, the company said in its exchange filing.
The company intimated Nov. 1 as the record date for determining the entitlement of the second interim dividend for the year 2023 and Nov. 16 as the date of payment of the second interim dividend for the year 2023.
The FMCG giant is also considering the possibility of a stock split of existing equity shares with a face value of Rs. 10 each, fully paid up, as may be determined by the board.
Shares of the company rose 4.68% to Rs 23,358.8 apiece, the highest level since July 17, before paring gains to trade 2.87% lower at Rs 22,955.05 apiece as of 9:34 a.m. This compares to a 0.77% decline in the NSE Nifty 50.
It has risen 16.76% on a year-to-date basis. Total traded volume so far in the day stood at 27 times its 30-day average. The relative strength index was at 59.3.
Out of the 36 analysts tracking the company, 20 maintain a 'buy' rating, 11 recommend a 'hold', and five suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.8%.
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