The Board of Nestle India has appointed David McDaniel, as Whole-time Director, designated as 'Executive Director- Finance& Control and Chief Financial Officer with effect from 1 March 2020, for a term of five years, subject to requisiteapprovals, in place of Shobinder Duggal, whose term as Whole-time Director of the Company ends on 31 December, 2019.

Further, the Board of Directors approved continuation of Shobinder Duggal as the Chief Financial Officer ofthe Company upto 29 February, 2020.

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Net profit of Nestle India rose 33.47% to Rs 595.41 crore in the quarter ended September 2019 as against Rs 446.11 crore during the previous quarter ended September 2018. Sales rose 9.49% to Rs 3199.31 crore in the quarter ended September 2019 as against Rs 2921.99 crore during the previous quarter ended September 2018.

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Nestle India Ltd is up for a third straight session in a row. The stock is quoting at Rs 14691, up 1.2% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.46% on the day, quoting at 11639.65. The Sensex is at 39224.22, up 0.44%. Nestle India Ltd has added around 15.72% in last one month.

Meanwhile, Nifty FMCG index of which Nestle India Ltd is a constituent, has added around 9.98% in last one month and is currently quoting at 31331.9, up 0.31% on the day. The volume in the stock stood at 56084 shares today, compared to the daily average of 1.37 lakh shares in last one month.

The benchmark October futures contract for the stock is quoting at Rs 14685.6, up 1.11% on the day. Nestle India Ltd is up 52.89% in last one year as compared to a 12.97% gain in NIFTY and a 8.95% gain in the Nifty FMCG index.

The PE of the stock is 82.85 based on TTM earnings ending June 19.

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Nestle India will hold a meeting of the Board of Directors of the Company on 8 November 2019.

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