BackNestle India shares rally over 4% as Maggi noodles maker to consider stock split, interim dividend
The Maggi noodles maker Nestle India said its board of directors will consider the proposal of sub-division of shares of face value ₹10 each on October 19. The company’s board will also consider and recommend a second interim dividend for the year 2023.
PremiumNestle India shares jumped over 4% in early trade on Wednesday after the company announced to consider stock split and interim dividend in its upcoming board meeting. Nestle share price rallied as much as 4.45% to ₹23,333.65 apiece on the BSE.
The Maggi noodles maker Nestle India said its board of directors will consider the proposal of sub-division of shares of face value ₹10 each on October 19. The company’s board will also consider and recommend a second interim dividend for the year 2023.
Read here: Nestle India board to consider stock split
These proposals will be considered at the meeting of the board of directors scheduled for Thursday, October 19, to consider the financial results of the company for the September quarter.
The record date for the second interim dividend, if approved by the board and the shareholders, will be November 1, the company said.
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“Second interim dividend for the year 2023, in case declared, shall be paid on and from 16th November 2023," it added.
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A sub-division or split of existing equity shares rewards shareholders and helps improve liquidity in the stock.
Meanwhile, Nestle India had reported a net profit of ₹698.3 crore for the quarter ended June 2023, registering a growth of 35.6% as compared to ₹515 crore in the same quarter last year.
The company’s revenue in Q2CY24 grew 15.4% to ₹4,658.5 crore from ₹4,036.6 crore, YoY. Domestic sales growth of the FMCG major was at 14.6%.
Nestle share price has seen a decent rally this year as the stock has gained 16% year-to-date (YTD). Nestle India shares are up over 4% in one month.
At 10:20 am, Nestle India shares were trading 1.46% higher at ₹22,664.25 apiece on the BSE.
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