Nestle India give 10 shares in exchange for one, the stock jumped by Rs 1,000 in one stroke

Nestle India, which makes daily use items like Maggi and coffee, has declared its third quarter results.

The company's net profit increased by 37.28% to Rs 908.08 crore in the July-September quarter of the financial year 2023-24. Besides, the board of the company has also announced an interim dividend of Rs 140 per share for the year 2023.

Apart from this, the board has approved the split of one share into 10. Due to this, there was a huge rise in the shares of Nestle India today. At 3 o'clock it was trading at Rs 24183.05 with an increase of 3.93 percent i.e. Rs 913.40. It rose by about Rs 1000 during trading. This company follows the financial year of January-December.

Nestle India Limited said in the information given to the stock market that its sales increased by 9.43 percent to Rs 5,009.52 crore in the third quarter compared to Rs 4,577.44 crore in the same period last year.

Total expenditure increased by 5.92 per cent to Rs 3,954.49 crore in the July-September quarter from Rs 3,733.12 crore in the same period a year ago. Nestle India's domestic sales rose 10.33 per cent to Rs 4,823.72 crore in the July-September quarter of 2022 from Rs 4,371.99 crore.

However, its exports declined by 9.56 percent to Rs 185.80 crore from Rs 205.45 crore in the same quarter a year ago. Operating income rose 9.45 percent to Rs 5,036.82 crore in the July-September quarter.

Apart from this, the board has approved the split of one share into 10. Meaning, a share with a face value of Rs 10 will be divided into 10 equity shares whose face value is Re 1.

This step has been taken to increase the liquidity of the company's equity shares and to promote the participation of retail investors by making the company's equity shares more affordable.

Due to stock split, Nestle's shares will now become cheaper and common investors will also be able to buy it. This will increase the number of shares of the company in the market.

Before the stock split, the number of shares is 9.64 crore, which after the stock split it will become 96.42 crore.