Nestle India on Wednesday announced an interim dividend of ₹27/share for FY23, however, it seems to not have much impact on investor sentiments as the stock was down around 0.63%.

What Happened: Nestle India, the Indian subsidiary of Swiss food and beverage giant Nestle SA, on Tuesday informed that its board has approved an interim dividend of ₹27/share. The record date for the dividend payout is April 21. The dividend will be paid on or from May 8.

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The Maggi maker's board earlier had also approved a final dividend of ₹75 per equity share. The record date and the payout schedule will remain the same for the final dividend as well.

The company had posted a massive 66% year-over-year surge in profits in Q3FY23. The company’s profits for the quarter stood at ₹628 crore. However domestic brokerage firm was left unimpressed by the number as they maintained the ‘reduce’ rating for the stock with a price target of ₹18,500.

Price Action: Nestle’s share price was down 0.96% to trade at ₹19,482.60 in the early hours of trading on Wednesday.

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