Nestle India Shares Rise on ₹2.75 Interim Dividend AnnouncementNestle India Shares Rise on ₹2.75 Interim Dividend Announcement

Nestle India’s shares gained nearly 2% in morning trade on Monday, July 8, reaching a high of ₹2,620 per share on the BSE, despite broader market declines. The surge followed the company’s announcement of an interim dividend of ₹2.75 per share for the financial year 2024-25.

In a stock exchange filing, Nestle India stated that its board had approved the interim dividend, which has a record date of July 16, 2024. The dividend will be paid on and from August 6, 2024, along with the final dividend for the fifteen-month period ended March 31, 2024.

The payment of the interim dividend is subject to shareholder approval at the company’s 65th annual general meeting, scheduled for July 8. Nestle India had previously announced a final dividend of ₹8.50 per share for FY24, with the same record date, in addition to an interim dividend of ₹7 per share declared in February 2024.

The board of Nestle India is set to meet on July 25 to consider and approve the financial results for the April-June quarter of FY25. The FMCG major reported a 27% increase in net profit to ₹934 crore and a 9% rise in revenue from operations to ₹5,268 crore for the March quarter of FY24.

As of 10:20 am on Monday, Nestle India shares were trading 1.58% higher at ₹2614.6 apiece on the BSE, reflecting investor confidence in the company’s strong financial performance and its commitment to rewarding shareholders through consistent dividend payouts.