Brands
Nestle India pegs Maggi stock at Rs 320 crore
MUMBAI: Nestle India has pegged the stock of its embroiled-in-controversy Maggi brand to be in the region of approximately Rs 320 crore.
The company has said that Maggi noodles stock worth Rs 210 crore was being withdrawn from the Indian market and destroyed. Additionally, Rs 110 crore worth of finished and related material stocks of Maggi remained at Nestle India’s factories and distribution centres.
In a statement, the company said, “These are broad estimates because it is impossible to calculate the final figure while the withdrawal is taking place. There will be additional costs to take into account, for example bringing stock from the market, transporting the stock to the destruction points, destruction costs etc.”
Nestle India will come up with the final figure at a later date.
As was reported earlier by Indiantelevision.com, the Food Safety and Standards Authority of India (FSSAI) had ordered Nestle to withdraw Maggi noodles after some of its samples were found to contain more than permissible levels of lead.
However, even as the company withdraws the brand from the market, it moved the Bombay High Court, challenging FSSAI’s order. The court will hear the matter on 30 June.
The company added that above mentioned cost and other unforeseen costs associated with the withdrawal of Maggi noodles from across India, will be dealt with the applicable accounting standards when Nestle India will announce its financial results on the due date.
Nestle India’s stock has been nose-diving ever since the Maggi imbroglio broke out in the country. Over the last 15 days, Nestle India’s market cap has been down roughly 13.25 per cent. On 29 May, the company’s market cap stood at roughly Rs 66,113 crore as compared to approximately Rs 57354 crore today (15 June).
At the close of the day’s trade, the company stock price at Rs 5948.65 was down 2.14 per cent from its previous close of Rs 6078.80 on the Bombay Stock Exchange (BSE).
Brands
Magellanic Cloud names Syed Ameeruddin CEO of e-surveillance arm
Keeping a sharper eye on the future, Magellanic Cloud is putting a seasoned watcher in charge.
MUMBAI – Magellanic Cloud Ltd. has elevated Syed Ameeruddin as Chief Executive Officer of its e-surveillance business, bringing its iVIS and Provigil operations under a unified leadership to accelerate growth in intelligent monitoring and infrastructure solutions.
Ameeruddin, a nearly two-decade veteran of the company, steps into the role after leading the e-surveillance vertical. His career trajectory—from Business Development Manager to the top of the vertical—reflects a steady climb built on operational depth, client engagement, and strategic execution across multiple subsidiaries.
Over the years, he has played a central role in expanding the company’s footprint, strengthening client relationships, and streamlining operations. He has also been instrumental in integrating acquisitions, helping align new businesses with Magellanic Cloud’s long-term strategy while stabilising performance across diverse domains.
More recently, Ameeruddin has contributed to securing key mandates spanning railways, the National Highways Authority of India, and the BFSI sector—wins that have bolstered the company’s order book and deepened its presence in critical infrastructure.
Commenting on the move, Joseph Sudheer Thumma said Ameeruddin’s leadership has been “pivotal in shaping the e-surveillance business,” citing his ability to drive growth, build teams, and deliver strategic wins as key to the company’s journey. His elevation, Thumma added, is expected to further accelerate expansion in AI-driven surveillance and infrastructure solutions.
The transition comes as demand surges for AI-enabled monitoring, centralised command systems, and large-scale deployments across mission-critical environments. Magellanic Cloud’s e-surveillance segment—anchored by iVIS and Provigil—has emerged as a significant growth engine, delivering projects across banking, transport, highways, and public infrastructure.
In his new role, Ameeruddin will focus on scaling platform capabilities, expanding deployments in complex environments, and developing integrated solutions that enhance real-time intelligence and operational resilience. He will continue to serve as Chief Operating Officer of the company alongside his new responsibilities.
With this leadership shift, Magellanic Cloud is doubling down on its ambition to stay ahead in India’s rapidly evolving surveillance ecosystem—where seeing, increasingly, is not just believing, but predicting.
