Shares of FMCG major Nestle India Ltd were in focus on Wednesday, a day after the company said its board will meet on October 19 to consider the stock split proposal as well as the declaration of the second interim dividend for 2023. The share price of Nestle India surged as much as 4.45% to hit an intraday high of ₹23,333.65.

During the session on Wednesday, the share price of the FMCG major opened higher at ₹22,899.90, up 2.5%, as against the closing price of the previous session of ₹22,338.15. At 12:22 pm, the share price of Nestle India was trading 1.37% higher at ₹22,643.20. In contrast to this, the BSE Sensex was trading 0.84% or 547.82 points lower at 64,964.28.

During the session on Wednesday, the market capitalisation of the FMCG major stood at more than ₹2.18 lakh crore, with 5,382 shares exchanging hands against the two-week average of 1,048 shares. In the past month, and one year, the FMCG major has given 3.88% and 17.29%, respectively, in returns.

According to the regulatory filing by Nestle India, it'll announce the financial results for the September quarter on October 19. "The Board of Directors will also consider the following proposals- a) declaration of a second interim dividend for the year 2023, if any. Intimation of the Record Date in this regard is enclosed with this letter. Second interim dividend for the year 2023, in case declared, shall be paid on and from 16th November 2023; and b) alteration in the share capital of the Company by sub-division/ split of existing equity shares having face value of ₹10/- each, fully paid up, as may be determined by the Board of Directors," says the company.

In the April to June quarter of this year, the company reported a 36.8% year-on-year (YoY) increase in consolidated net profit at ₹698.3 crore. On a sequential basis, the profit declined 5.1% against ₹736.64 crore reported in Q4 of FY23.

Registering an increase of 15.1%, its revenue stood ₹4,658.5 crore against ₹4,045.69 crore in the same period last year. The company’s domestic sales also witnessed a surge of 14.6% year-on-year at ₹4,420.77 crore in the June quarter as against ₹3,857.5 crore in Q1 of FY23.

As of June 30, 2023, the promoters held a 62.67% stake in the company and the public shareholders own a 37.24% stake in the FMCG major.

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