The company had posted a net profit of Rs 2,166 crore (Rs 21.66 billion) during the April-June quarter a year ago.
ITC operates only in the sugar confectionery arena, which limits its size of business.
The slowdown in private consumption in the economy is taking a toll on the growth of fast-moving consumer goods (FMCG). The net sales growth of listed FMCG companies hit a 14-quarter low of 2.5 per cent in October-December 2023 (Q3FY24). This is the lowest revenue growth for the industry since the June 2020 quarter, when the FMCG firms in the Business Standard sample had reported a 13.2 per cent Y-o-Y decline in combined net sales owing to the lockdown.
Ustad Rashid Khan has left an enduring legacy with his soul-stirring notes, his melodious voice echoing through time and leaving an indelible imprint on the rich heritage of Hindustani music.
Among the Sensex shares, Infosys rose the most by 1.37 per cent, followed by Larsen & Toubro (0.90 per cent), and Wipro (0.83 per cent). HDFC Bank, ICICI Bank, Reliance Industries, ITC, TCS, Kotak Bank, Asian Paints and Titan were among the lead gainers.
Regional and local fast-moving consumer goods (FMCG) brands are gaining momentum at the cost of national brands for the second quarter in a row. Consumer brands are now losing out on share, especially at the mass end of the market. Local brands have been able to capture market share as prices of raw materials are lower.
The stock was the worst hit among Sensex and Nifty components.
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.
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.
Titan surged 2.98 per cent, followed by IndusInd Bank, ITC, JSW Steel, Infosys, Tech Mahindra, Tata Consultancy Services and Maruti. Hindustan Unilever, Asian Paints, Bharti Airtel and HDFC Bank were among the laggards.
'On the set, Ranveer and I got along really well. Ten days after the release, Ranveer messaged me and said, you have killed the scene! For someone like him to message me just says how supportive person he is of newcomers.'
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.
Nine of the 10 most valued firms faced a combined erosion of Rs 1,87,808.26 crore in market valuation last week, with HDFC Bank and Reliance Industries taking the biggest hit amid an overall weak trend in equities. Last week, the BSE benchmark tumbled 1,538.64 points or 2.52 per cent amid concerns that the US Federal Reserve might raise interest rates further to curb inflation. Fresh foreign fund outflows also dented investor sentiments. Barring ITC, all 10 firms, including Tata Consultancy Services (TCS), Infosys, ICICI Bank and Hindustan Unilever, were the laggards.
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.
Even as the slowdown in the information technology (IT) services sector deepens, banking, financial services and insurance (BFSI), as well as oil and gas companies, emerge as the primary drivers of corporate earnings in the country. The IT services sector's share in corporate earnings declined to a five-year low of 17.4 per cent in the second quarter (Q2) of 2023-24 (FY24), whereas banks and finance companies accounted for 46.5 per cent, and oil and gas firms contributed 16.8 per cent. At their peak, IT services firms like Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro represented just over a third of the combined net profit of all listed companies in the Business Standard sample.
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.
'The Nifty index looks to be 20 per cent overvalued as per our model after moving up more than 10 per cent in the last two months.'
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.
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.
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.
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
Hotel room tariff in Ahmedabad, airfares shoot up ahead of India-Australia final
The company had posted a net profit of Rs 1,614.36 crore (Rs 16.14 billion) in the same period of previous fiscal.
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.
This is second time in a month when a packaged food co has complained
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.
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