Nestle India will hold a meeting of the Board of Directors of the Company on 23 October 2020.

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Nestle India announced that Martin Roemkens, Whole-time Director of the Company designated as “Executive Director - Technical” shall betaking up a new assignment in another Nestlé Affiliate with effect from 1 November 2020 and shall therefore cease to be Whole-time Director from that Date.

Matthias Lohner, currently Operations Manager, Nescafé Dolce Gusto, Global Business Unit based in Switzerland, is proposed to be appointed in place of Martin Roemkens, subject to necessary approvals.

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Nestle India Ltd is down for a fifth straight session today. The stock is quoting at Rs 16484.8, down 0.23% on the day as on 13:24 IST on the NSE. The benchmark NIFTY is down around 1.25% on the day, quoting at 10934.6. The Sensex is at 37055.59, down 1.47%.Nestle India Ltd has lost around 1.89% in last one month.Meanwhile, Nifty FMCG index of which Nestle India Ltd is a constituent, has increased around 0.54% in last one month and is currently quoting at 30872.45, down 0.19% on the day. The volume in the stock stood at 67496 shares today, compared to the daily average of 1.65 lakh shares in last one month.

The benchmark August futures contract for the stock is quoting at Rs 16495.8, down 0.69% on the day. Nestle India Ltd jumped 40.74% in last one year as compared to a 0.66% rally in NIFTY and a 7.07% spurt in the Nifty FMCG index.

The PE of the stock is 76.6 based on TTM earnings ending June 20.

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Net profit of Nestle India rose 11.15% to Rs 486.60 crore in the quarter ended June 2020 as against Rs 437.79 crore during the previous quarter ended June 2019. Sales rose 1.97% to Rs 3041.45 crore in the quarter ended June 2020 as against Rs 2982.83 crore during the previous quarter ended June 2019.

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