Shares of Nestle India saw a nearly one percent increase during the opening trade on April 5, subsequent to the National Consumer Dispute Redressal Commission (NCDRC) dismissing a government petition against the company.
As of 9:26 AM, Nestle India was trading at Rs 2,568.45, marking a rise of Rs 19.40 or 0.76 percent, on the BSE.
According to an exchange filing by the company, NCDRC dismissed a plea filed by the government in 2015 regarding the sale of Maggi noodles in favor of Nestle India Ltd.
In its statement, Nestle revealed, “The complaint filed by the Union of India, Department of Consumer Affairs, in 2015 before the National Consumer Dispute Redressal Commission, New Delhi (NCDRC) alleging that the company had engaged in unfair trade practices by manufacturing and selling hazardous and defective goods to the public through Maggi Noodles, seeking compensation of Rs 284.55 crore and punitive damages of Rs 355.41 crore, was dismissed by NCDRC in favor of the company.”
In its latest analysis released on April 2, brokerage house Emkay has initiated coverage on the stock, affixing a ‘reduce’ rating alongside a March 2025 target price of Rs 2,650 per share.
Recent market data reveals that the stock scaled a 52-week high of Rs 2,770.75 and plumbed a 52-week low of Rs 1,937.48 on January 2, 2024, and April 12, 2023, respectively. Presently, the stock is trading at a 7.3 percent discount from its 52-week high and stands 32.57 percent above its 52-week low.
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