The company had posted a net profit of Rs 1,614.36 crore (Rs 16.14 billion) in the same period of previous fiscal.
The e-choupal network of information technology enabled information and trading kiosk of ITC has been shortlisted for the Development Gateway Award for 2005.
This is second time in a month when a packaged food co has complained
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.
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.
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.
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.
Cases filed in 3 high courts.
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.
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.
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).
The superstar will be endorsing the entire range of snacks under the umbrella brand Sunfeast.
International hoteliers operating in the country through sales agreements with Indian hotels can expect some relief after the Delhi High Court ruled on January 30 that income paid by the Indian partner to its foreign counterpart is exempt from tax since it cannot be considered royalty or technical fees. The ruling in favour of US-based Sheraton International Inc was in response to an appeal filed by the Income Tax Department challenging the service agreement.
The market-cap of the company eroded by Rs 14,895 crore (Rs 148.95 billion) to Rs 2,65,383 crore (Rs 2,653.83 billion).
ITC Ltd's Food Division said on Wednesday it will invest Rs 150 crore (Rs 1.5 billion) in the next two years for its foray into the snacks segment.
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.
The centre of excellence, a non-profit joint venture between tobacco-to-hotels major ITC and the Confederation of Indian Industry (CII), is working on a rating system for companies' corporate social responsibility (CSR) programmes. The first exercise of its kind in India, the idea is to incentivise CSR programmes to strengthen companies' ability to bargain for tax breaks and create a better image with consumers and stakeholders.
Show cause notices have been issued to the publishers of The Hindu, 'Star Dust', 'Overdrive' and cigarette manufacturers -- ITC, Gold Flake and Phillip Morris - for violation of the Tobacco Products Act, the Rajya Sabha was informed on Wednesday.
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.
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.
ITC Limited on Friday reported a 19.68 per cent increase in net profit at Rs 387.06 crore during the fourth quarter ended March, 2004 whereas net profit in FY04 surged by 16.15 per cent to Rs 1,592.85 crore.
'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.'
'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.'
As organised retailers try to squeeze margins, Kishore Biyani-promoted Future Group has replaced PepsiCo's Frito Lay snacks with ITC's Bingo at its Big Bazaar and Food Bazaar stores.
Analysts suggest making separate firms of tobacco, hotels and FMCG divisions
ITC has posted a profit after taxation of Rs 771.75 crore (Rs 7.71 billion) for the quarter ended March 31, 2005 where as the same was at Rs 387.06 crore (Rs 3.87 billion) for the quarter ended March 31, 2004.
V B Kunal Singh, 45, is in the middle of the crossfire between packaged foods majors Pepsico and ITC. But this time the small-time snacks seller in Mumbai, much like others in his trade, is enjoying himself.
In a significant relief to ITC Ltd, the Delhi high court has restrained a Punjab-based garment manufacturer and its marketing arm from selling counterfeit apparel bearing the logo and brand name 'Wills Sport' of the corporate major.
The ITC Maurya Shereton-owned Bukhara has been voted among top 50 restaurants in the world and best in Asia by UK-based 'Restaurant' magazine.
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