In 2024, Nestle India Share price Board Sets 5th January as Record Date for Stock Subdivision
Nestle India Stock Price Split Makes One of India's Top Priced Stocks More Affordable
In 2024, Nestle India's shares saw more selling in the morning as the stock started trading after the split. The share price opened lower today, dropping by almost 2%, from yesterday's closing price of ₹2,711.60 to an intraday low of ₹2,657 on the BSE.
The FMCG company's stock is likely to attract attention from investors and market watchers as it becomes cheaper for people to buy. Nestle India's board of directors decided that on January 5, 2024, they will divide each share that was worth ₹10 into ten shares, each worth Re 1.
Nestle India stock Price split record date
Nestle India informed Indian stock market bourses about the stock split record date saying, “Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Company has fixed Friday, 5th January 2024 as the “Record Date" for determining entitlement of Equity Shareholders for the purpose of sub-division/ split of existing Equity Shares of the Company, such that 1 (one) equity share having face value of Rs. 10/- (Rupees ten only) each, fully paid-up, will be sub-divided into 10 (ten) equity shares having face value of Re. 1/- (Rupee one only) each, fully paid-up, ranking pari-passu in all respects which was approved by the Equity Shareholders through Postal Ballot on 8th December 2023, as already intimated to the Stock Exchanges vide our letter no. PKR:SG: 84:23 dated 8th December 2023.
Nestle India has decided to split its stock, making its shares more affordable for buyers. This might increase the number of trades, and after the 1:10 split, the share price could be around ₹2,700. Previously, the share price was ₹27,150 on the NSE.
Stock analyst Vaishali Parekh suggests buying three stocks today, January 5.
Nestle India's profits rose by 36% to ₹908 crore in Q2FY24, with revenues growing by 9.6% to ₹5,036 crore.
In September 2023, Foreign Institutional Investors (FIIs) reduced their ownership in Nestle India from 12.38% to 12.1%. However, Domestic Institutional Investors (DIIs) increased their stake from 9.05% to 9.32% during the same period.
Disclaimer: Please note that the opinions and suggestions mentioned earlier are from specific analysts or brokerage firms and do not represent the views of Mint. We recommend investors to consult certified experts before making any investment decisions.
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