Tobacco giant ITC Ltd on Friday won a big relief in the Supreme Court which set aside a demand of Rs 803 crore (Rs 8.03 billion) slapped on the cigarette manufacturers by the government on account of alleged evasion of excise duty.
While stating that raw material costs are under control at present, the company said value added tax on food items is a cause of concern.
From the Sensex pack, Bajaj Finserv, HDFC Bank, Tata Motors, HCL Technologies, Tata Consultancy Services, Axis Bank, Infosys, IndusInd Bank, Tech Mahindra and Maruti were the major laggards. NTPC, Power Grid, Mahindra & Mahindra, JSW Steel, Bajaj Finance, ITC and Reliance Industries were among the gainers.
Companies manufacturing fast-moving consumer goods (FMCG) continue to see rural stress sustain and it continues to trail urban demand. At the Confederation of Indian Industry's FMCG summit, managements of various companies pointed out urban demand continued to grow while rural demand remained under pressure because incomes were under stress in rural areas. "Due to rural stress, volumes continue to remain an issue for the industry and we are yet to see any revival in demand," Sudhir Sitapati, managing director (MD) and chief executive officer (CEO) at Godrej Consumer Products
Multi-business conglomerate ITC Limited has embarked upon an initiative aimed at ensuring remunerative prices to tribals and at the same time sourcing organically produced mangoes for its discerning customers spread across various countries, particularly in Europe and the US.
Hotel room tariff in Ahmedabad, airfares shoot up ahead of India-Australia final
Nearly 90 per cent of the stocks comprising the National Stock Exchange Nifty 500 Index and 49 of the 50 stocks that make up the Nifty50 are trading above their respective 200-day moving averages (DMAs). The 200-DMA is considered one of the most relevant trend indicators by investors and traders. They believe that stocks and indices trading above this key level exhibit strength and are likely to rally, while those trading below this level are viewed as bearish, with the stock/index expected to see a selloff.
Cigarettes to hotel major ITC entered the consumer products business in 2007. In three years, it has managed to corner a two per cent market share.
Renewed inflationary pressures, led by a spike in prices of vegetables and cereals, have cast a spell on the equity markets in the past month. The BSE Sensex and Nifty50 have declined up to 2 per cent each during the period, clipping the 13 per cent rally from the March lows, shows data from ACE Equity. Investors typically consider shares of fast-moving consumer goods (FMCG) companies as defensive bets, putting their weight behind them in a falling market.
The feeling was that the higher levy would prompt the company to increase prices in the process hurting volumes. But the unchanged central excise duty, analysts say, outweighs the VAT increases in Maharashtra and Delhi. As a result, estimates for the current year have been upped with expectations that the company could grow its top line by as much as 13-14 per cent driven by a 6-7 per cent rise in volumes.
Leading conglomerate ITC Ltd on Friday posted a 8.72 per cent rise in its standalone net profit to Rs 2,425.16 crore (Rs 24.25 billion) for the second quarter ended September 30, 2014.
ITC Limited is planning to aggressively scale up its FMCG business and expand the portfolio by staging an entry into the home and personal care market, in an attempt to be the leading FMCG player in the country.
Even as banks and finance companies are reporting record-high earnings, their weighting in the benchmark National Stock Exchange Nifty50 Index has seen a downward trajectory. Investors expect a stronger performance from other sectors in the new year. Currently, banking, financial services and insurance (BFSI) companies collectively hold a weighting of 34.5 per cent, down from 36.7 per cent at the end of December 2022 and a record high of 40.6 per cent at the end of December 2019. This represents the sector's lowest weighting in the index since December 2021 when it stood at 33.7 per cent.
Betting big on its rural initiative e-choupal, ITC hopes the business to generate revenues of $2.5 billion - almost equivalent to the current size of the company - by 2010 as it looks to expand to newer states.
Two young girls attired in a lehenga and a Bengali saree welcomed United States first couple Barack Obama and Michelle on Sunday to the ITC Maurya in New Delhi where they will be staying for the next two days.
Y C Deveshwar, chairman, ITC, received the Award at a ceremony held at Rio.
Inflation data, global trends and foreign fund trading activity would guide equity market movement in a holiday-shortened week, analysts said. Stock markets would remain closed on Tuesday for Independence Day. "Macroeconomic indicators, rupee and FII activities will be pivotal in shaping market trends in the coming days.
The company had posted a net profit of Rs 1,614.36 crore (Rs 16.14 billion) in the same period of previous fiscal.
From the Sensex pack, Bharti Airtel, HDFC Bank, Titan, UltraTech Cement, ITC, Sun Pharma, Bajaj Finserv, Bajaj Finance, Hindustan Unilever and Kotak Mahindra Bank were among the major gainers. Tata Steel, Axis Bank, NTPC, ICICI Bank and IndusInd Bank were the major laggards.
This is second time in a month when a packaged food co has complained
From the Sensex pack, State Bank of India, HDFC, Axis Bank, HDFC Bank, Bharti Airtel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, NTPC and Bajaj Finserv were the major gainers.
The e-choupal network of information technology enabled information and trading kiosk of ITC has been shortlisted for the Development Gateway Award for 2005.
Following the result announcement, the company's stock was trading at Rs 295.30 on the BSE in the afternoon trade, up 1.34 per cent from its previous close.
ITC, which has a 14.98 per cent stake in EIH Ltd -- the company that runs the Oberoi chain of hotels -- is planning to subscribe to the upcoming EIH rights issue. This ends speculation that it might pull out after Reliance Industries Ltd picked up a stake in EIH.
Cases filed in 3 high courts.
Earnings from the company's FMCG business, including cigarettes, increased by 4.23 per cent to Rs 6,456.06 crore (Rs 64.56 billion), while that from the non-FMCG business section grew by 0.31 per cent to Rs 9,582.95 crore (Rs 95.82 billion).
Investors' wealth fell by Rs 2.89 lakh crore in two days of market fall, with the BSE Sensex tumbling 796 points on Wednesday, amid weak global market trends ahead of the US Federal Reserve's interest rate decision. Fresh foreign fund outflows and caution ahead of a host of interest rate decisions from global central banks also added to the overall bearish trend. Besides, the US Fed meeting, the BoE (Bank of England) and the BoJ (Bank of Japan) are also scheduled to meet this week.
GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the finance ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The ministry has inserted Rule 37A in Central Goods and Services Tax rules to give effect to the new provision.
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