The market capitalisation of BSE-listed companies soared to an all-time high of Rs 406.52 lakh crore on Monday thanks to a rally in equities where the BSE Sensex climbed over 1 per cent. The 30-share BSE Sensex rallied 941.12 points or 1.28 per cent to finish at 74,671.28. During the day, it zoomed 990.99 points or 1.34 per cent to 74,721.15.
Fresh meat and seafood delivery unicorn Licious is intensifying its talent acquisition endeavours as it pursues profitability and readies for an initial public offering (IPO) within the next 24 months. Delightful Gourmet, Licious' parent company, has named 39-year-old Karishma Gupta as its new chief financial officer (CFO). Her appointment aligns with Licious' drive for profitable growth through an omnichannel strategy.
ITC is one of those few enterprises in the world that has traversed a 100 year journey and has yet managed to remain contemporary, relevant and competitive.
Diversified group ITC will sell its entire stake in US-based wholly owned subsidiary 'King Maker Marketing' for USD 24 million (about Rs 160 crore).
Billionaire Mukesh Ambani-promoted Reliance Industries Ltd (RIL) on Tuesday became the first listed company to hit the Rs 20 lakh crore market valuation mark. The market heavyweight's stock jumped 1.88 per cent to its record high of Rs 2,957.80 apiece on the BSE. It finally settled at Rs 2,928.95 per piece, up 0.90 per cent on the bourse.
Second-ranked L&T has been rated highest on leadership
In a move that is seen as a major setback to tobacco major ITC, the government has armed itself through an ordinance with powers to modify past excise rules in an apparent attempt to recover arrears of Rs 803 crore.
The 10 ITC Hotels branded as Sheraton at present were expected to be re-branded as Luxury Collection soon, sources in the know said.
The tobacco business was increasingly coming under prohibition by various regulations.
Diversified group ITC on Thursday surpassed Reliance Industries as the most influential stock on the Sensex, following a spurt in the stock price.
At the end of the day's trade, ITC commanded 10.01 per cent weight, while RIL had 9.07 per cent weight, followed by ICICI Bank which had 7.66 per cent weight in 30-share Sensex.
Price cuts post the November GST rate rationalisation helped improve volume growth for HUL, what pegged back sales for ITC is adverse social media rumours against Aashirvaad atta, its single-largest FMCG brand.
After the initial struggle, ITC Foods is finally making its presence felt through its parent's distribution muscle.
During the April-June quarter, Russell Credit picked up 1.1 per cent in the hospitality major, taking total stake to 13.98 per cent, while the promoters hold a 56.57 per cent.
Among major Sensex movers, ITC rose the most by 1.70 per cent, Wipro by 1.43 per cent, Tech Mahindra by 1.36 per cent and Nestle India by 1.27 per cent. Other gainers included HCL Tech, Asian Paints and Reliance. On the other hand, ICICI Bank, NTPC, UltraTech Cement and Tata Steel traded with a loss of up to 0.82 per cent.
A pick-up in low-cost cigarette consumption helped India's largest cigarette maker boost margins
ITC Hotels and Tatas' Indian Hotels Company will invest strongly over the next few years to add properties in the segment, considered a booming one.
ITC on Monday said it is conducting more tests on its products at accredited labs across India.
Among the Sensex firms, Tata Steel, Tata Motors, Asian Paints, Wipro, State Bank of India and Larsen & Toubro were the major gainers. ICICI Bank, NTPC, Axis Bank and Mahindra & Mahindra were among the laggards.
The outgoing chairman believed in building for the future; for his successor, the challenge will be to maintain the momentum, says Ishita Ayan Dutt.
The long battle between ITC and its one-time trading partner, the Chitalias, has shifted to India. ITC has filed a suit in the Indian courts to recover assets it says the two brothers have in the country.
ITC Hotels proved the scepticsim over the hospitality industry wrong by recording an over 95% rise in profits in the fourth quarter of 2002-03.
Even though ITC does not have a retirement age, Deveshwar's extension has been the subject of discussion since his five-year term was close to ending.
Fast-moving consumer goods (FMCG) companies anticipate sustained volume pressures in the January-March quarter (Q4) coupled with sluggish rural growth during the period. Brokerages estimate top-line growth to be in low single digits in the quarter. Also, the late onset of winter had an impact on demand for winter products which range from moisturisers to hot beverages.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
Names such as Danone, Dabur, Mondelez and Abbott Healthcare have also figured on the list of suitors.
India's tobacco majors ITC and Godfrey Phillips India (GPI) have stopped production of cigarettes in view of uncertainty over the sort of pictorial warnings that needed to be carried on tobacco products starting this month.
Sachin Tendulkar on Friday embarked on a new partnership with ITC's food division to promote a new brand of health food in his name -- Sunfeast Sachin's Fit Kit.
GST authorities have identified about 17,000 non-existent GSTINs and cancelled over 4,900 registrations in the ongoing pan-India drive against fake registration, a senior tax official said on Wednesday. Currently, there are 1.40 crore businesses registered under Goods and Services Tax, nearly double the number of businesses registered in indirect tax regime pre-GST rollout. Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said in the drive against fake registration, till July 4, over 69,600 GST Identification Numbers (GSTINs) have been selected for physical verification by field tax officers.
While Tata Consultancy Services, HUL, ITC and Infosys saw a rise in their market capitalisation (m-cap) for the week ended Friday, RIL, HDFC Bank, HDFC, Maruti Suzuki India, SBI and Kotak Mahindra Bank suffered losses.
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In his clearest message yet on the controversy over the safety of ENDS, health minister Harsh Vardhan ruled out their acceptability in the light of research findings by experts which have held that they are no less unsafe than the 'real thing', said a government statement.
ITC, a competitor in fast moving consumer goods, is likely to extend its Vivel personal care range to deodarants and talcs.
Mahindra & Mahindra on Friday said it has been imposed a penalty of Rs 4.12 crore over input tax credit claim and education cess credit balance carry forward from pre-GST regime to GST regime in relation to its two-wheeler business. In a regulatory filing, Mahindra & Mahindra said it has received an order from the office of the Deputy Commissioner, State Tax, Audit Wing, Indore-01, Madhya Pradesh imposing a penalty amounting to Rs 4,11,50,120 to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with the company.
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