FMCG major ITC reported a 3% year-on-year increase in its consolidated net profit for the June quarter at Rs 5,244 crore on Friday, compared to Rs 5,092 crore in the year-ago period. The profit after tax (PAT) is attributable to the owners of the company. The company reported revenue from operations at Rs 23,129 crore … Read more
FMCG major ITC left investors little to chew on in its March quarter results with the shares falling nearly 1% to Rs 437.85 on BSE during the day but brokerages have raised target prices going up to Rs 540. Global brokerage firm Citi, which has a buy call on ITC, raised its target price to … Read more
The Sword of Damocles hanging over the head of ITC shareholders has finally fallen down but no one is hurt. The key event of London’s British American Tobacco (BAT) stake sale, which was initially perceived to be a key supply hangover for ITC, ended up pushing the Nifty stock 8.6% higher leading to a windfall … Read more
Shares of ITC fell 2.7% to the day’s low of Rs 438.25 on the NSE despite a better than estimated June quarter earnings reported. The Street remained unimpressed despite buy views from a couple of top brokerages viz. Jefferies and Nuvama and an add recommendation by Kotak Institutional Equities, as selling pressure in the FMCG … Read more
US-based boutique investment firm GQG Partners, which has recently invested in battered Adani group companies, raised its stake in FMCG major ITC during the March quarter. GQG Partners, run by NRI investor Rajiv Jain, has increased its holding from 1.29% in the December quarter to 1.44% at the end of March quarter. GQG Partners Emerging … Read more
Indian markets snapped a 9-day winning streak to close in the red on Monday. The S&P BSE Sensex fell more than 500 points while the Nifty50 managed to hold on to 17700 levels. Sectorally, buying was seen in the public sector, oil & gas, FMCG, energy, and realty stocks while selling pressure was visible in … Read more
Shares of cigarette-to-hotels major rallied over 6% to hit a 52-week high of Rs 384.4 in Thursday’s trade on BSE after the hike in duty on cigarettes in Budget will have a limited impact. The government has hiked the National Calamity Contingent Duty (NCCD) on cigarettes by 16%. NCCD accounts for about 10% of overall … Read more
It’s this time of the year when one stock – – definitely grabs investors’ attention as expectations build for a possible hike in taxes on tobacco and tobacco products in the run-up to the Union Budget. While taxation of tobacco is primarily under the purview of the GST Council, the central government also levies a … Read more
Indian market closed higher on Wednesday for the fourth consecutive day. The S&P BSE Sensex pared gains but closed above 59,000 while Nifty50 reclaimed 17,500 levels. Sectorally, buying was seen in energy, FMCG, realty, oil & gas and capital goods while selling was seen in utilities, power, metals, and IT stocks. Stocks that were in … Read more
The Indian markets closed in red for the second consecutive day on Thursday, tracking weak global cues. The S&P BSE Sensex fell over 300 points, while the Nifty50 managed to hold on to 17,600 levels. Sectorally, buying was seen in FMCG, consumer durables, auto and utilities, while selling pressure was seen in banks, the public … Read more