Nestle India Gains 2% as Record Date for 1:10 Stock Split Approaches

19 Dec 2023 , 02:15 PM

Nestle India’s shares rise over 2% on December 19 after the announcement of a stock split with January 5 set as the record date. The company’s board approved a 1:10 stock split in October, meaning each shareholder will receive 10 shares for every share held.

Stock split aims to increase the number of shares issued, enhancing liquidity without altering the total value of all shares.

At 09.56 am, Nestle India shares trade 1.8% higher at Rs 24,782 on the NSE. At the time of writing Nestle India was trading at Rs 25,380 which is a 4.21% hike than previous close.

In Q2, Nestle India records a 36% YoY rise in net profit to Rs 908 crore, with revenue up by 9.6% to Rs 5,036 crore, outperforming major FMCG peers. FIIs reduce shareholding from 12.38% in June quarter to 12.1% in September, while DIIs increase stake from 9.05% to 9.32% during the same period.

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