Nestle Financial News

Siddhartha Khemka, Head-Retail Research, MOFSL, says “in the long term, we would continue to prefer a tier-1 IT players given that a), valuations are comfortable, b), long term growth visibility is there. But at the same time, the near term underperformance could continue and which is where one can prefer looking at the tier-2 players.” Khemka also says: “Our preference in the auto space would be Maruti, followed by Tata Motors and Ashok Leyland. Within the two-wheeler space, we have a neutral rating on Bajaj Auto, while we have a buy rating on Hero Moto because of the cheaper valuations and the improving growth in the rural sector. We prefer Hero Moto over Bajaj Auto.” What is the global screen telling you about the resilience that the Indian markets are showcasing? The Indian economy is relatively better placed compared to global peers and there are headwinds starting with the high US interest rates, bond yields, inflationary concerns, growth concerns and to top it all, the geopolitical concerns, which provides volatility, which the market does not want at this point and where earnings are kind of picking up.

HUL, ITC, and HDFC Bank. The BSE Sensex was trading 241 points or 0.31% lower at 65,427.

Supreme Court Thursday held that the lower 5% withholding tax on dividend income of companies was not available to all Organisation for Economic Co-operation and Development (OECD) countries just on the most favoured nation (MFN) basis. A bench led by Justice Ravindra Bhatt held that international treaty practices are not enforceable in India unless the government notifies them, a ruling that experts said will have wide ramifications for the industry. «The decision of the apex court will have wide repercussions for the industry and could result in millions of dollars of additional tax revenue for the government,» said Amit Maheshwari, tax partner, AKM Global, adding that it could also entail reopening of past cases in form of fresh action by tax authorities. The top court set aside a 2021 Delhi High Court ruling that allowed Nestle SA, Concentrix Services, Steria and others a concessional withholding tax rate of 5% on dividend income from their Indian arms, extending the MFN clause in the OECD. The court also made it clear that preferential treatment given to a country under a double taxation avoidance agreement did not automatically get extended to other member countries unless the earlier treaty with them was amended. Experts said other countries could also revisit the position on benefits under these treaties.

Benchmark NSE Nifty closed 46.4 points down at 19624.7 amid selling in frontline bluechip counters. However, stocks such as Gensol Engg, Delta Corp, Winsome Yarns, Tarsons Products and V Mart Retail, touched their fresh 52-week lows.

Domestic benchmark index NSE Nifty ended 46.4 points down at 19624.7, while the BSE Sensex closed 247.78 points down at 65629.24. On the other hand, Aban Offshore, Shakti Pumps, GKW Ltd, DB(Intl)Stock and BPL Ltd stocks hit their fresh 52-week highs today.

Sectorally, buying was seen in auto, consumer durables, and FMCG stocks while metal, energy, oil & gas and power stocks saw some selling pressure. Stocks that were in focus on Thursday include names like Bajaj Auto, which was up more than 6% to hit a fresh all-time high; NBCC India, which gained more than 9%, and Nestle India which rose more than 3%. We have collated a list of three stocks that either hit a fresh 52-week high, or all-time high or saw a volume or a price breakout. We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view: Analyst: Vivek Mashrani CFA, Director at Technofunda Ventures Private Limited Bajaj Auto Bajaj Auto hit a new all-time high and is trading in an uptrend. It is a good buy from a medium-term perspective as long as the trend is intact. Fundamentally, the company has been in the limelight with its excellent quarterly result with its quarterly EBITDA surpassing Rs 2,000-crore milestone for the first time. The September quarter profit increased by 20% on a YoY basis.

Indowind Energy(up 4.86%), RTNPOWER(up 4.83%), Jaiprakash Power Ventures(up 4.19%), GE Power India Limited(up 3.32%), Adani Power(up 3.14%), Energy Development Company(up 3.12%), Reliance Power(up 2.75%), Alstom T&D India(up 2.57%), Suzlon Energy(up 2.10%) and JSW Energy(up 1.64%) stood among the top gainers. KPI Green Energy(down 2.09%), Karma Energy(down 2.01%), Inox wind(down 1.49%), KEC International(down 1.15%), NTPC(down 1.03%), Adani Energy Solutions(down 0.72%), Transformers and Rectifiers(India)(down 0.69%), ADANIGREEN(down 0.64%), PTC India(down 0.61%) and Torrent Power(down 0.56%) were among the top losers of the day.

ITC Q2 FY23 result LIVE Updates The company is set to announce the September quarter result soon after its board of directors meeting scheduled on October 27. “A Meeting of the Board of Directors of the Company will be held on October 27, 2023 to consider inter-alia, the Un-Audited (Reviewed) Standalone and Consolidated Financial Results along with the Limited Review Report thereon for the quarter / half year ended September 30, 2023," the company said in its stock filing. Also Read: PVR Inox Q2 Results: Multiplex reports net profit of ₹166 crore; revenue jumps 53% QoQ The company shares were trading 0.42% higher at ₹414.50 per share on BSE at 2:49 pm.

Stock market today: Oil and Natural Gas Corporation (ONGC)-backed chemical company Vikas Lifecare Ltd has declared its Q2 results 2023. The super specialty chemical manufacturer has reported near 200 per cent rise in its net profit to ₹7.17 crore in Q2FY24 results. Company's total income in second quarter of the current financial year stood at ₹110.60 crore, which was at ₹106.30 crore in April to June 2023 quarter.

₹23,279.90 against the previous close of ₹23,269.65 and rose about 3.8 per cent to hit its all-time high of ₹24,164.40 on BSE. Around 12:50 pm, the stock traded 3.28 per cent higher at ₹24,033 on the BSE. During market hours on Thursday, Nestle India reported a net profit of ₹908 crore in the quarter ended September 2023, registering a growth of 37.27 per cent from ₹661.46 crore in the same quarter last year.

Preeyam Tolia, Equity Research Analyst – FMCG and Retail, Axis Securities, says “what has worked for Nestle is new product development. The new launches which the company has done in the last few years are working for them. Also their expansion into smaller towns. Most of the FMCG companies are highlighting that the rural is seeing pain but Nestle is expanding into smaller towns. The growth is also led by this kind of activities for the company.” How is Nestle looking to you on the first cut and what is the volume growth number that you are looking at as of now? The overall numbers and the trends are pretty strong and that is in line with our estimates. What we anticipated was a volume growth of 4-5%, kind of single digit volume growth. We expect that the volume growth will be more or less in line with that number as the top line growth has been in line, slightly lower than our estimate but overall a good set of numbers especially on the margins front.

«We will see that August especially, when the rainfall was at a 100-year low, 36% deficit, that has derailed the rural recovery green shoots, which had started in Q1,» says Abneesh Roy, Executive Director, Nuvama. Let us begin with talking about the overall momentum. Do you think that there is a sense that festive sales, a pickup in rural, all of that will be witnessed across the board? The result season is definitely picking up. Yes, we do expect that in Q3 the momentum should be better. Unfortunately, in Q2 the results which will come out for HUL, Nestle and ITC today, the rural slowdown has impacted them. We will see that August especially, when the rainfall was at a 100-year low, 36% deficit, that has derailed the rural recovery green shoots, which had started in Q1.

By Richa Naidu

By Richa Naidu

₹908 crore in the quarter ended September 2023, registering a growth of 37.27% from ₹661.46 crore in the same quarter last year. The net profit for the quarter includes one-time gain of ₹106.4 crore. Nestle India’s revenue in Q3CY23 increased 9.5% to ₹5,036.8 crore from ₹4,601.8 crore in the year-ago period.

₹10, the Maggi manufacturer announced an interim dividend of ₹140 per equity share for the year 2023. The second interim dividend will be paid on November 16.

Paradeep Phosphates(up 1.05%), Sikko Industries(up 0.67%), Khaitan Chemicals & Fertilizers(up 0.44%), Madras Fertlizers(up 0.43%), Rama Phosphates(up 0.39%) and Mangalore Chemicals & Fertilizers(up 0.14%) were among the top gainers. Coromandel International(down 1.17%), G S F C(down 1.14%), Nagarjuna Fertilizers & Chem(down 1.13%), Deepak Fertilizers & Petrochemicals(down 0.96%), National Fertilizer(down 0.78%), Agro Phos(down 0.76%), Chambal Fertilisers & Chemicals(down 0.75%), Southern Petrochemicals Industries(down 0.73%), Fertilizers & Chemicals Tranvancore(down 0.70%) and Aries Agro(down 0.51%) were among the top losers.

Parag Milk(up 5.00%), Heritage Foods(up 3.78%), Dodla Dairy(up 2.97%), Mrs Bectors Food Specialities(up 1.38%), Bajaj Consumer(up 1.32%), Umang Dairies(up 1.20%), Godrej Consumer Products(up 1.07%), Nestle India(up 0.94%), Hatsun Agro Product Ltd(up 0.92%) and Varun Beverages(up 0.81%) stood among the top gainers. ADF Foods(down 3.26%), JHS Svendgaard Laboratories(down 2.52%), Dangee Dums(down 1.81%), P & G Hygiene(down 1.43%), Bikaji Foods International(down 0.64%), Tasty Bite Eatables(down 0.58%), Gillette India(down 0.35%), Colgate Palmolive(India)(down 0.19%), Hindustan Unilever(down 0.08%) and TATA CONSUMER PRODUCTS(down 0.08%) were among the top losers of the day.

Nifty stocks that currently exhibit this pattern. But first, let's understand what the Golden Crossover is and why it holds value for investors. The Golden Crossover is a crucial technical indicator that signifies a potential shift in market sentiment, marking the beginning of a bullish trend.

₹7,607.25 crore and bought stocks for ₹7,013.59 crore, resulting in an outflow of ₹593.66 crore, according to NSE data. Domestic institutional investors (DIIs) bought equities worth ₹6,737.67 crore and offloaded shares worth ₹5,553.43 crore, resulting in an inflow of ₹1,184.24 crore, the exchange data showed. The 30-share BSE Sensex shed 115.81 points, or 0.17%, to end at 66,166.93.

Benchmark NSE Nifty index fell 1.5 points to 19749.55 amid selling in frontline bluechip stocks. However, stocks such as Delta Corp, Gangotri Text, SS Infrastructure, SEL Manufact and Lakshmi Finance, touched their fresh 52-week low.