Share of Nestle India gained over 3% after the firm said it would invest Rs 2,600 crore to raise its manufacturing capacity. The large cap stock has gained after 3 days of consecutive fall. The stock touched an intraday high of Rs 16375, rising 3.23%. The share closed 2.48% higher at Rs 16,256.
The share trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages. Total 0.10 lakh shares changed hands amounting to turnover of Rs 16.28 crore on BSE.
Market cap of the firm rose to Rs 1.56 lakh crore.
In one year, the share has gained 9.88% and risen 9.91% since the beginning of this year.
Nestle India while announcing its Q3 earnings said its plans to invest Rs 2,600 crore over the next three to four years to augment its manufacturing capacity in the country, terming the move as "vindication of confidence and trust" the company has in its India journey
The aim of new investments is for undertaking expansion activities of the existing units and towards the construction of its new upcoming unit in Sanand, Gujarat.
Nestle India Chairman and Managing Director Suresh Narayanan said, "Nestle, which has a 108-year long association with India and nearly six-decade long manufacturing journey, announced to deepen it by announcing further investments."
Nestle India Q3 results: Profit falls marginally to Rs 587 crore, sales up 10%
"As a vindication of the confidence and trust in the Nestle journey in India, I am pleased to share that we plan to invest Rs 2,600 crore over the next three to four years to augment our existing manufacturing capacities, as well as towards our new under construction state of the art factory in Sanand, Gujarat," he added.