Nestle share price jumped over 7 per cent to Rs 6,640 in the afternoon trade. (Reuters)
Nestle India share price gained over 7 per cent intraday on Friday after the company said it has received test results from all three laboratories mandated by the Bombay High Court in August, and that all 90 samples, covering six varieties, were safe for consumption.
Cheering the news, Nestle India share price jumped over 7 per cent to Rs 6,640 in the afternoon trade.
“In compliance with the orders of the Hon’ble Bombay High Court, we will now commence manufacture and will start selling only after the newly manufactured products are also cleared by
the designated three laboratories,” the company added.
Stressing that Maggi noodles are safe, Nestle India said it has “conducted over 3,500 tests representing over 200 million packs in both national as well as international accredited laboratories and all reports are clear”.
Nestle, which had earlier said it was planning to bring back the Maggi noodles in the market by year end, further said that it is committed to reintroducing the product “at the earliest”.
In June, the FSSAI had banned Maggi noodles saying it was “unsafe and hazardous” for consumption after finding lead levels beyond permissible limits. Thereafter, Nestle had withdrawn Maggi noodles from the market.
For the quarter ended June 2015, Nestle India posted a net profit of Rs 64.40 crore, down 122.37 per cent, against Rs 287.89 crore in the corresponding quarter a year ago.
Since the beginning of the ongoing financial year, Nestle share price had slid 10.58 per cent to Rs 6,204 by October 15 while Sensex had fallen 4.4 per cent during the same period.
(With inputs from PTI)
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