InterGlobe Aviation, the operator of IndiGo, has approached the Delhi high court seeking a refund of over Rs 900 crore it claims to have paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. The petition came up for hearing on Friday before a bench of Justices Prathiba M Singh and Shail Jain.
The market capitalisation of BSE-listed companies eroded by Rs 9,40,581.75 crore to Rs 4,50,61,658.60 crore (USD 4.90 trillion) in a single day.
Among the Sensex constituents, Eternal, Trent, Bharti Airtel, Infosys, Tech Mahindra, UltraTech Cement, ICICI Bank, HDFC Bank, Bajaj Finance, Tata Consultancy Services, Bharat Electronics Ltd, Larsen & Toubro and Tata Motors Passenger Vehicles were the laggards. However, Tata Steel, Sun Pharmaceuticals, ITC, NTPC, Reliance Industries, HCL Technologies, PowerGrid, and Asian Paints were among the gainers.
From the Sensex firms, Adani Ports, Bharat Electronics, Eternal, Tata Motors Passenger Vehicles, State Bank of India and Kotak Mahindra Bank were among the biggest gainers. However, ITC, Bajaj Finance, Titan and Tech Mahindra were the laggards.
From the Sensex pack, Eternal, Maruti Suzuki India, Kotak Mahindra Bank, Mahindra & Mahindra, Tech Mahindra, Titan, HDFC Bank, PowerGrid, Bajaj Finserv, HCL Technologies, Bajaj Finance and Larsen & Toubro were among the gainers. On the other hand, Tata Motors Passenger Vehicles, Asian Paints, UltraTech Cement, Bharat Electronics Ltd, Tata Steel, Adani Ports, Hindustan Unilever, ITC, Tata Consultancy Services and Reliance Industries were the only laggards.
From the Sensex pack, Eternal, Bharat Electronics Ltd, Trent, Axis Bank, State Bank of India, Bajaj Finance, Sun Pharmaceuticals, Asian Paints, Adani Ports, Hindustan Unilever, Reliance Industries, ITC, PowerGrid, Tata Motors Ltd's Commercial Vehicles business, and Bajaj Finserv were the gainers. Infosys, Tata Motors Passenger Vehicles, Tata Steel, ICICI Bank, Tech Mahindra, Titan, UltraTech Cement, Maruti Suzuki India, and Larsen & Toubro were the laggards.
Diversified entity ITC Ltd on Thursday reported a 22.66 per cent rise in consolidated net profit at Rs 5,225.02 crore in the fourth quarter ended March 2023, led by a strong growth momentum across operating segments. The company had posted a net profit of Rs 4,259.68 crore a year ago, ITC Ltd said in a regulatory filing. Its revenue from operations increased 7 per cent to Rs 18,799.18 crore in the period under review against Rs 17,754.02 crore in the year-ago period.
In an event-heavy week, stock investors will track ongoing quarterly earnings, the US Federal Reserve's interest rate decision, and macroeconomic data for market direction, analysts said. Moreover, progress in India-US trade negotiations will remain a key focus for investors, an expert said.
According to multiple sources close to the development, Mercedes-Benz is already in talks with multiple developers in Gurugram for a luxury branded residence project.
ITC Ltd on Friday reported a 23.09 per cent increase in consolidated net profit at Rs 5,070.09 crore for the third quarter ended December 2022, helped by growth momentum across its operating segments. The diversified company had posted a net profit of Rs 4,118.80 crore during the October-December quarter of the previous fiscal, ITC said in a regulatory filing. Its revenue from operations was up 3.56 per cent to Rs 19,020.65 crore during the quarter under review, as against Rs 18,365.80 crore in the corresponding period of the previous fiscal.
Diversified entity ITC Ltd on Tuesday said it has entered into a partnership with IIT Delhi to support research in identified STEM (science, technology, engineering and mathematics) areas. A memorandum of understanding has been signed to this effect with the institute with an aim to accelerate India's journey towards achieving its sustainable development goals (SDGs), ITC said in a statement. Currently, the areas identified for research are energy storage, low carbon cold transportation, and plastic biodegradation to name a few and will further pave the way for more research in the areas of mutual interest, it added.
With the personal greetings card business taking a hit from e-cards, SMS and MMS, ITC Ltd, which markets Expressions greeting cards, is looking at pushing sales of cards and gifts in the corporate segment during the upcoming festival season.
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 Infotech India Ltd, a wholly owned subsidiary of the Kolkata-based ITC Ltd, plans to hire 2,300 professionals to touch a staff of 3,000 by December 2004, a top company official said on Wednesday.
The company had posted a net profit of Rs 1,614.36 crore (Rs 16.14 billion) in the same period of previous fiscal.
Leading Indian companies-- ITC Ltd and Reliance Industries Ltd (RIL)-- have received top rating in Asia for their corporate social responsibility (CSR) initiatives, according to report by the Hong Kong-based brokerage and investment firm, CLSA.
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.
Among Sensex firms, Trent, Tech Mahindra, Hindustan Unilever, UltraTech Cement, Asian Paints, Eternal and ITC were the major laggards. Selling in HDFC Bank and ICICI Bank also dragged the key indices. However, Axis Bank, Bajaj Finance, Maruti and State Bank of India were among the gainers.
One of India's leading chain of hotels, ITC on Tuesday said it plans to open 25 hotels pan-India in next twelve to eighteen months under its flagship brand Fortune, a top company official said.
Stock markets are in for an event-heavy week ahead with a raft of Q1 earnings from blue-chips, the US Fed interest rate decision and foreign investors trading activity driving investors' sentiment, analysts said. Macroeconomic data announcements, monthly auto sales numbers and global market trends would also guide movement in the domestic equities, they said.
While mostly corporates, including established names and little-known ones, went for the top-denomination bonds, there were also several individuals who bought multiple such bonds.
As part of its major expansion plans, ITC Ltd will build three new super deluxe luxury hotels in Chennai, Bangalore and Hyderabad at a cost of Rs 1,000 crore (Rs 10 billion).
The agribusiness division revenues in Q1 was Rs 1,418 crore and the profit before tax for the segment was Rs 54 crore, against a revenue of Rs 1,111 crore and PBT of Rs 47 crore in Q1 of the last financial year.
ITC Ltd heaped a bonanza on it shareholders, including a dividend of 310 per cent and a plan for a bonus issue as well as a stock split that will be considered at its next board meeting on June 17.
ITC operates only in the sugar confectionery arena, which limits its size of business.
