May 11 Nestle India today hit a record high and became the 3rd-largest consumer staples company by market capitalisation. The stock climbed as much as 7.11 per cent to an all-time high of Rs 9,619.7.

The company had on Thursday reported a record quarterly profit of Rs 424 crore for the March 2018 quarter, 12.7 per cent higher than the mean of analysts' estimate of Rs 376 crore, according to Thomson Reuters Eikon data.

With Friday's gain, Nestle has become the third-largest consumer staples company in India trade with a market cap of $ 13.72 billion, surpassing Avenue Supermart's market cap of $ 13.56 billion.

ITC and Hindustan Unilever, with a market cap of $ 50.9 billion and $ 48.2 billion, respectively are the largest companies in Indian consumer staples space

Nestle stock has broken above a resistance at Rs 9,529, the 86.4 per cent Fibonacci projection level of the uptrend from February 29, 2016 low to December 14, 2017. The breakout suggests that the stock can move towards Rs 9,945, the 100 per cent projection level. The stock is up 14.1 per cent this year as of Thursday's close, outperforming the NSE Index's 1.76 per cent gains.

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