05 Apr , 2024 By : Debdeep Gupta
Shares of Nestle India gained nearly a percent in the opening trade on April 5 after the NCDRC dismissed a government petition against the company.
At 9:26 am, Nestle India was quoting Rs 2,568.45, up Rs 19.40, or 0.76 percent, on the BSE.
The National Consumer Dispute Redressal Commission (NCDRC) dismissed the government's 2015 plea against the sale of Maggi noodles in favor of Nestle India Ltd, the company said in an exchange filing.
"Complaint filed by the Union of India, Department of Consumer Affairs, in 2015 before the National Consumer Dispute Redressal Commission, New Delhi (NCDRC) on the allegation that by selling Maggi Noodles in the past, the company had indulged in unfair trade practice by manufacturing and selling of hazardous and defective goods to the public and thereby seeking compensation of Rs 284.55 crore and punitive damages of Rs 355.41 crore, was dismissed by NCDRC in favor of the company," Nestle said.
In an April 2 report, broking house Emkay initiated coverage on the stock with a 'reduce' rating and a March 2025 target price of Rs 2,650 per share.
The share touched a 52-week high of Rs 2,770.75 and a 52-week low of Rs 1,937.48 on January 2, 2024, and April 12, 2023. Currently, the stock is trading 7.3 percent below its 52-week high and 32.57 percent above its 52-week low.
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