Nestle Hits 52-Week High Even As LIC, Foreign Investors Trim Stake

With strength in the Nifty FMCG index, Nestle has hit another 52-week high price in trade on April 16, 2020. On the NSE, the stock made a new high of Rs. 17731 while on the BSE it scaled to a price of Rs. 17721.95 per share.

Nestle Hits 52-Week High Even As LIC, Foreign Investors Trim Stake

The strength can be partially on the government's attempt to partially start off with some of the activities to spur growth and as consumers have been increasingly piling on products from these FMCG majors amid the lockdown.

The gains in the counter have come off even as the large institutions including LIC have reduced their stake in the company in the quarter ended March.

Last, the stock hit a 52-week high price on April 8 to Rs. 17520.55 per share.

The brokerage house Anand Rathi recently initiated coverage on Nestle India with a 'Buy' rating and a target price of Rs 17,902 per share.

Also, in the massive sell-off witnessed amid the pandemic, the report recently said market capitalization of MNC companies including Nestle , Maruti Suzuki India contributed to one-fourth of the m-cap of 813 companies.

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