ITC climbs on foray into dairy segment

ITC has decided to foray into the dairy segment with the launch of its new product Aashirvaad ghee this Diwali

Shares of ITC are trading higher by 1% at Rs 333 on the BSE after the company decided to foray into the dairy segment with the launch of its new product Aashirvaad ghee this Diwali.

The company has plans to replicate the same success it achieved in the unorganised and commoditised atta segment with the Aashirvaad brand. Aashirvaad is a brand of staple food and kitchen ingredients owned by ITC and the range of products include Atta, Salt, Spices and Instant mixes. ITC entered the branded Atta market with the launch of Aashirvaad Atta in Jaipur and Chandigarh on 26 May 2002. However, the product is now available all over India.

"The Aashirvaad brand has tremendous brand equity among households and housewives, so we have decided to launch ghee under the Aashirvaad umbrella to make an instant impact and give the product a big leg up," said VL Rajesh, ITC's divisional chief executive, foods.

The stock opened at Rs 332 and touched a high of Rs 333 on the BSE. A total of 151,445 shares changed hands on the BSE so far.