May 11, 2018 / 7:32 AM / 2 months ago

BUZZ-Nestle India hits record, becomes 3rd-largest consumer staples co by m-cap

** Shares of Nestle India Ltd climb as much as 7.11 pct to an all-time high of 9,619.7 rupees

** Co on Thursday reported a record quarterly profit of 4.24 billion rupees for the March 2018 quarter, 12.7 pct higher than the mean of analysts’ estimate of 3.76 billion rupees - Thomson Reuters Eikon data

** With Friday’s gain, becomes the third-largest consumer staples company in India trade with market cap of $ 13.72 billion, surpassing Avenue Supermart’s market cap of $ 13.56 billion

** ITC and Hindustan Unilever, with market cap of $ 50.9 billion and $ 48.2 billion are, the largest companies in Indian consumer staples space

** Stock breaks above a resistance at 9,529 rupees, the 86.4 pct Fibonacci projection level of the uptrend from Feb 29, 2016 low to Dec 14, 2017 high reut.rs/2ryTWTA

** Breakout suggests stock can move towards 9,945 rupees, the 100 pct projection level

** Stock is up 14.1 pct this year as of Thursday’s close, outperforming the NSE Index’s 1.76 pct gains

Reporting by Gaurav Dogra

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