Nestle India gets approval to set up food processing unit in Odisha; shares gain

The unaudited financial results of the company for the second quarter and half year ending June 30, 2023 shall be considered by the board of directors of the company at their meeting proposed to be held on July 27, 2023.

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Nestle India shares price were up 0.52 percent at Rs 23,246.10 at 9.41 am on July 17 after company received approval to set up food processing unit in Odisha.

On July 14, Nestle India has received a letter from The Industrial Promotion & Investment Corporation of Odisha Limited (IPICOL) informing that the State Level Single Window Clearance Authority (SLSWCA), in its meeting held on July 10, 2023, approved “in principle” the company’s proposal for setting up a food processing unit at Mundaamba, Block – Jankia in the district of Khordha (Odisha).

The investment in said food processing unit is Rs 894.10 crore.

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The unaudited financial results of the company for the second quarter and half year ending June 30, 2023 shall be considered by the board of directors of the company at their meeting proposed to be held on July 27, 2023.

At 09:41 hrs Nestle India was quoting at Rs 23,246.10, up Rs 120.90, or 0.52 percent on the BSE.

The share touched a 52-week high of Rs 23,388.95 and a 52-week low of Rs 17,888.00 on 06 July, 2023 and 15 March, 2023, respectively.

Currently, the stock is trading 0.61 percent below its 52-week high and 29.95 percent above its 52-week low.