ITC gains after good Q1 outcome

ITC 1.77% to Rs 363 at 9:15 IST on BSE after the company reported 15.6% rise in net profit to Rs 2186.39 crore on 24.54% rise in total income to Rs 9482.84 crore in Q1 June 2014 over Q1 June 2013.

The result was announced on Tuesday, 29 July 2014, when stock market was closed on account of Ramzan ID.

Meanwhile, the BSE Sensex was down 31.58 points, or 0.12%, to 25,959.65.

On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 6.80 lakh shares in the past one quarter.

The stock hit a high of Rs 360.50 and a low of Rs 360.40 so far during the day. The stock hit a record high of Rs 386.75 on 16 May 2014. The stock hit a 52-week low of Rs 285.40 on 28 August 2013.

The stock had outperformed the market over the past one month till 28 July 2014, rising 11.52% compared with 3.55% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 4.28% as against Sensex's 14.84% rise.

The large-cap company has an equity capital of Rs 796.16 crore. Face value per share is Re 1.

ITC said that the scheme of arrangement between Wimco and the company became effective on 27 June 2014 on filing of the order of the high court with the respective registrar of companies. The scheme, with effect from 1 April 2013, provided for the demerger of the non engineering business of Wimco into the company. The results for Q1 June 2014 reflect the effect of the scheme, and consequently, the figures for the previous periods are not strictly comparable, ITC said.

ITC has a diversified presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.

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