ITC Ltd, which has interests in diversified businesses such as cigarettes, edible oil and hotels, has posted a 20% rise in net profit, at Rs 1,614 crore for the quarter ended March 31, 2012..
ITC is trading higher by 3% at Rs 234 on reports that the company has signed an agreement with the Board of Investment of Sri Lanka to build a luxury hotel in Colombo.
ITC is trading higher by 4% at Rs 235 after declining almost 8% in six consecutive days from Rs 247 on April 28, after some broking houses said that any stock price fall on higher excise, lower volume concerns as buying opportunity.
Cigarette maker ITC gains 2.9% to Rs 233.50, after slumping 8.9% over seven consecutive sessions of declines. Citigroup says the government has proposed an amendment to the pricing methodology for an excise duty announced in March.
With India's macro-economic condition uncertain, investors are increasingly turning towards defensive spaces such as FMCG to avoid getting caught in the downward spiral.
Cigarette pricing in India can go the liquor way as ITC, the undisputed leader in the sector, may consider state-specific pricing for its popular brands.
The statutory warning on the box says ‘Smoking kills; tobacco causes cancer’. But it is now turning detrimental for your wealth, too, as cigarette prices have increased 9-12 per cent in the past week.
Tobacco-to-consumer goods giant ITC Ltd today said its chief Y C Deveshwar has sold shares worth about Rs 5.8 crore, while two other directors have also sold shares worth about Rs 2.7 crore through the open market.
Diversified business group ITC today consolidated its shareholding in Hotel Leelaventure by acquiring 4.62% stake from its wholly-owned subsidiary Russell Credit.
Nineteen out of 26 industries that have signed Memoranda of Understanding (MoU) with the Orissa government have made significant headway in setting up of Industrial Training Centres (ITCs) with academic session of the proposed centres scheduled to begin
Diversified business group ITC is understood to be gearing up to invest up to Rs 1,000 crore in the FMCG segment in the next four years which will include setting up new facilities and enhancing existing capacities.
ITC Ltd, the cigarettes-to-hospitality major, has posted a 22.5 per cent increase in post-tax profits on the back of a price increase in cigarettes, beating market expectations.
ITC Ltd, the largest cigarette maker in India, posted a larger-than-expected 22% rise in quarterly profit, aided by price increases, but its shares slipped 2% on concerns about moderating volume growth.
Diversified ITC Ltd, expects growth in its food business to slow in the coming fiscal year, as continued inflation in key raw materials and sluggish consumer buying are expected to hurt volumes, a top official said.