Nestle India Ltd.

Nestle India is currently trading at Rs. 6005.00, up by 56.95 points or 0.96% from its previous closing of Rs. 5948.05 on the BSE.

The scrip opened at Rs. 5940.00 and has touched a high and low of Rs. 6090.00 and Rs. 5849.00 respectively. So far 6146 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 7499.95 on 10-Mar-2015 and a 52 week low of Rs. 4845.00 on 10-Jul-2014.

Last one week high and low of the scrip stood at Rs. 6399.00 and Rs. 5825.20 respectively. The current market cap of the company is Rs. 58062.99 crore.

The promoters holding in the company stood at 62.76% while Institutions and Non-Institutions held 16.99% and 20.24% respectively.

Nestle India moved Uttarakhand High Court on Friday challenging the state government’s move to ban sale, storage and production of Maggi noodles from its Pantnagar plant. Samples tested by the state’s food regulator allegedly had excessive amounts of monosodium glutamate (MSG) and lead in them. Even after Nestle India’s withdrawal of Maggi products across the country on Thursday night, Madhya Pradesh and Maharashtra followed in the steps of Delhi, Gujarat, Tamil Nadu, Jammu and Kashmir, Bihar and Uttarakhand, and banned the sale of Maggi noodles. The state will ban all Maggi noodles product from Saturday. The company has been asked to withdraw Maggi noodles from the market.

After receiving a report from Indore-based lab, Madhya Pradesh government imposed an immediate ban on sale of Nestlé India’s Maggi brand products. Five samples sent to the laboratory have been confirmed excess MSG. Reports of other samples are awaited. The Sikkim government initiated tests into Maggi noodles as well as two other popular snacks, while Telangana government’s principal health secretary Suresh Chanda will take a call after assessing the results of the first batch of test samples most likely to be out on June 8.

Admitting Nestle India’s petition, the court asked the government to submit its response by June 15. The company has challenged the state food safety department’s order on the grounds that it was taken “unilaterally” and did not share the test reports with it. A notification was issued by the food safety department commissioner Om Prakash, which stated that the ban will remain in force for 90 days since high contents of poisonous substances were found in the samples of Maggie noodles.