Nestle India is in the process of resuming exports of its Maggi instant noodles to various global markets after it got a go ahead from Bombay High Court earlier this week.
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Names such as Danone, Dabur, Mondelez and Abbott Healthcare have also figured on the list of suitors.
From the Sensex basket, Bharti Airtel, Nestle, Maruti, Tata Motors, HCL Technologies, NTPC, Asian Paints and State Bank of India were the major gainers. Sun Pharma, Reliance Industries, Mahindra & Mahindra, JSW Steel, Tech Mahindra and Bajaj Finance were among the laggards.
Labels such as 'No added MSG' could be removed from the new packs.
Benchmark equity indices Sensex and Nifty declined nearly 1 per cent on Wednesday, falling for the fourth day running amid profit-taking by cautious investors ahead of the results of the Lok Sabha polls. The 30-share BSE Sensex declined 667.55 points or 0.89 per cent to settle at 74,502.90. It went below the 75,000 mark to hit the day's low of 74,454.55, plunging 715.9 points or 0.95 per cent.
A year ago, Yippee had 14 per cent, according to industry.
Equity benchmark indices Sensex and Nifty hit their fresh record levels on Thursday after lower inflation numbers raised hopes of an interest rate cut by the RBI. Besides, heavy buying in capital goods, consumer durable and industrial stocks also helped the indices, traders said. Retail inflation continued its downward slide to reach a one-year low of 4.75 per cent in May due to a marginal decline of prices in the food basket and remained within the Reserve Bank's comfort zone of below 6 per cent, according to government data released on Wednesday.
Among the 30 Sensex companies, Hindustan Unilever, Nestle, Asian Paints, HCL Technologies, HDFC Bank, Kotak Mahindra Bank and ITC were the biggest gainers. Larsen & Toubro, Power Grid, NTPC and State Bank of India were among the laggards.
Maruti, Bajaj Finance, Titan, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, Mahindra & Mahindra and Larsen & Toubro were among the major gainers. Wipro, HCL Technologies, Nestle, Tata Consultancy Services and Tata Motors were among the laggards.
After Maggi, the sample of macroni pasta was taken from Mau and sent to National Food Analysis Laboratory.
New packets will have to be tested again in three laboratories; these laboratories are specified by the court.
The development is significant for Nestle since arguments in the Bombay High Court over testing and sampling went in the company's favour, too.
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From the Sensex basket, Mahindra & Mahindra, Maruti, Tata Steel, Bajaj Finserv, Power Grid, Reliance Industries, Axis Bank and JSW Steel were the major gainers. Wipro, Nestle, HDFC Bank and Bajaj Finance were among the laggards.
Fast Moving Consumer Goods major Nestle may face more action by the Uttar Pradesh Food Safety and Drug Administration, which is testing more batches of Maggi after ordering recall of a batch of about 2 lakh packs of the instant noodles due to higher than permitted levels of lead and a food additive.
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State Bank of India, NTPC, Nestle, Sun Pharma, JSW Steel, ITC, Mahindra & Mahindra and HCL Technologies were among the other major gainers.
Intensifying competition and possibility of further legal action to test expectations of recovery.
Nestle has not yet recalled one of its infant milk powder formulae, which contained Iodine higher than the national standard in China, the state media reported on Thursday.
The company has identified regions where Maggi will be made available.
Row also provides an opportunity for key competitor ITC (Yippee noodles) to step up market share in the prepared dishes segment
From the Sensex basket, Tata Steel jumped over 5 per cent. Mahindra & Mahindra, JSW Steel, Tata Motors, Axis Bank, Sun Pharma, Reliance Industries and Maruti were the other biggest gainers. Infosys, Tata Consultancy Services, Titan, Wipro, Hindustan Unilever and Nestle were among the laggards.
Nestle desires to relaunch Maggi by the end of this year.
Swiss food giant Nestle has acquired CM&D Pharma, a UK-based drug maker that specialises in the development of products tailored for patients with kidney disease, for an undisclosed amount.
From the Sensex basket, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, JSW Steel, Maruti, Wipro, Bharti Airtel, Bajaj Finserv, ICICI Bank and ITC were the major gainers. Nestle India, HCL Technologies, Larsen & Toubro, Tata Consultancy Services, Tata Motors and Infosys were among the laggards.
For Nestle India, 'go for cow' is the new slogan. Even though the country concentrates on buffalo milk, Nestle is now consciously encouraging milk farmers to shift from buffalo to cow milk.
In yet another blow for Nestle India, live larvae and worms have been found in their milk powder in Coimbatore.
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In Uttar Pradesh, standards for 'Macaroni products' are being applied for 'Instant Noodles with seasoning' which is erroneous and misleading, alleges Nestle.
Lessons Nestle must learn from its big mistakes
On June 5, FSSAI banned Maggi noodles.
Market benchmarks Sensex and Nifty wilted under selling pressure on Friday after a five-day rally as investors pared exposure to banking, financial and consumer durable stocks amid mixed trends in global markets. Rising global crude prices, a depreciating rupee and persistent foreign fund outflows further weighed on sentiment, traders said.
The company was, however, silent on the presence of the taste enhancer monosodium glutamate in the famous 'two-minute' noodle brand.
Stock markets will be driven by quarterly earnings by index majors, global trends and the RBI's interest rate decision this week after digesting news on budget proposals and US Federal policy outcome, say analysts. The trading activity of foreign investors and the movement of global oil benchmark Brent crude would also dictate trends in equities. "On the domestic front, the MPC (Monetary Policy Committee) meeting is scheduled from February 6-8.
Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the other big gainers. Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were the laggards.
Investors' wealth jumped Rs 13.78 lakh crore on Monday as the benchmark equity index Sensex hit its lifetime high after exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls. The 30-share BSE Sensex jumped 2,777.58 points or 3.75 per cent to hit a record peak of 76,738.89 in early trade. The benchmark finally ended at 76,468.78, registering a sharp rally of 2,507.47 points or 3.39 per cent.
In fresh troubles for Nestle over safety standards of its famous Maggi noodle brand, the Uttrakhand Food Safety Department has collected samples of the 'two-minute' noodles from the company's Pantanagar plant and other places in the state.
Battling chilly temperatures in Dharamsala, Team India prepared for the final showdown between India and England on Tuesday, March 5, 2024.
Nestle India on Monday said it has started production of Maggi noodles from its fourth plant at Pantnagar in Uttarakhand.
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