ITC slips after declaring Q2 result

ITC fell 0.2% to Rs 354.15 at 13:09 IST on BSE in volatile trade after net profit rose 8.72% to Rs 2425.16 crore on 15.67% growth in total income to Rs 9379.96 crore in Q2 September 2014 over Q2 September 2013.

The result was announced during market hours today, 31 October 2014.

Meanwhile, the S&P BSE Sensex was up 396.60 points or 1.45% at 27,742.93

On BSE, so far 4.69 lakh shares were traded in the counter as against average daily volume of 2.92 lakh shares in the past one quarter.

The stock was volatile. The stock hit a high of Rs 359.95 and a low of Rs 353.20 so far during the day. The stock had hit a record high of Rs 386.75 on 16 May 2014. The stock had hit a 52-week low of Rs 307.60 on 22 November 2013.

The stock had underperformed the market over the past one month till 30 October 2014, falling 4.29% compared with 2.69% rise in the Sensex. The scrip also underperformed the market in past one quarter, declining 1.07% as against Sensex's 4.83% rise.

The large-cap company has equity capital of Rs 798.07 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 Hon'ble 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. Hence, the results for the Q1 June 2014 and Q2 September 2014 reflect the effect of the Scheme, and consequently, the figures for the previous periods are not strictly comparable, ITC said.

Pavan Poplar and Prag Agro Farm have become direct subsidiaries of the Company with effect from 27 June 2014, consequent upon the Scheme becoming effective, 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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