Nestle Sugar Controversy: What Investors Should Do As Shares Tumble for 2nd Day; Check Nestle Share Price Target
Nestle India Share Price Target 2024, Nestle India Share Price Today News NSE BSE, Nestle India Baby Food Sugar Row: Nestle India share price continued to trade lower on Friday, declining over 3.50 per cent, amid reports that the global FMCG major sold infant milk products with more sugar content in less developed countries.
Nestle India Share Price Today News NSE BSE
The stock declined 3.53 per cent to Rs 2,375.75 on the BSE. At the NSE, it dipped 2 per cent to Rs 2,412.05 apiece.
On Thursday, the shares of Nestle India had declined over 3 per cent.
Nestle India Share Price Target 2024
Kunal Shah, Senior Technical & Derivative Analyst at LKP securities in an earlier recommendation said that said the stock surged to a lifetime high of 2777 before experiencing a sharp correction, finding support near the 61.8 percent Fibonacci levels.
“Following consolidation at this support, the stock broke out and is now trading above its 21-day moving average. Moreover, the RSI shows an uptick, with a bullish crossover indicating strengthening momentum. Consider initiating a long position between 2580-2610, setting a stop loss at 2560, targeting a closing price of 2650/2680,” he added.
Nestle India Baby Food Sugar Row
Nestle India on Thursday said it has reduced added sugar on baby food products in India by over 30 per cent, depending on variants, over the past five years, amid reports that the global FMCG major sold products with more sugar content in less developed countries.
According to findings by Swiss NGO, Public Eye and International Baby Food Action Network (IBFAN), Nestle sold baby products with higher sugar content in less developed South Asian countries including India, Africa and Latin American nations as compared to markets in Europe.
When reached out for comments, a company spokesperson said, “Reduction of added sugars is a priority for Nestle India. Over the past 5 years, we have already reduced added sugars by up to 30 per cent, depending on the variant.”
The spokesperson further said, “We regularly review our portfolio and continue to innovate and reformulate our products to further reduce the level of added sugars, without compromising on nutrition, quality, safety, and taste.”
Nestle India asserted that its “infant cereal products are manufactured to ensure the appropriate delivery of nutritional requirements such as protein, carbohydrates, vitamins, minerals, iron etc. for early childhood”.
“We never compromise and will never compromise on the nutritional quality of our products. We constantly leverage our extensive global research and development network to enhance the nutritional profile of our products,” the spokesperson said.
(PTI Inputs)
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