Nestle share price up after results, CITI maintains BUY rating

Shares of Nestle India touched an intraday high level at Rs.10,509 per share  about 3pc higher during mid-morning trade on NSE on Wednesday, after the company reported a 9.25pc rise in profit at Rs.463.28crore for the quarter ended March 31, 2019. 

Total Sales rose by 9pc, Indian Sales increased by 10.2pc aided by volumes while Export Sales declined by 8.9pc.

Meantime, global brokerage CLSA maintained its outperform view on Nestle stock with an unchanged  target price (TP) of Rs11,750, while  Citi maintained its BUY rating on the stock with a TP of Rs 12,480 per share.

At around 11.10am, shares of Nestle traded 1.87pc up at Rs 10,389.30 on NSE.  The stock touched an intraday high and low of Rs. 10,509 and 10240 per share.

Meantime, BSE Sensex traded higher at 37516-level up by 197 points and NSE Nifty traded at 11268, up over 45 points.

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