FSSAI and the company have both agreed to destroy the stock which has crossed its shelf life
Benign demand and expensive valuations could keep the stock price in check
The script remained unchanged despite categories such as beverages, chocolates and confectionery, and milk products and nutrition giving Nestle nearly 80 per cent of its top line
The company launched a new breakfast cereal Ceregrow for children aged between two and five years
Company CMD says it's 'heartening' to see Maggi noodles rebound to market leadership of about 57% after its reintroduction last November
On Monday, its stock touched a 52-week high of Rs 7,155, in anticipation of better financial performance in the June quarter
Since his appointment, Maggi noodles re-entered the market in Nov 2015 and regained leadership position within five months
At 11:59 AM, the stock was up 6% at Rs 6,040 on the BSE as compared to 1% decline in S&P BSE Sensex.
The largest food company in the country is also gearing up launch products in other categories such as coffee, chocolates and dairy this year