ITC slips on profit booking

ITC fell 0.65% to Rs 314.85 at 10:05 IST on BSE on profit booking after the stock rose 11.37% in the preceding seven sessions to Rs 316.90 on 22 April 2013, from a recent low of Rs 284.55 on 10 April 2013.

Meanwhile, the BSE Sensex was down 40.97 points, or 0.21%, to 19,128.86.

On BSE, 22,000 shares were traded in the counter as against an average daily volume of 3.37 lakh shares in the past one quarter.

The stock hit a high of Rs 317.50 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 314.10 so far during the day. The stock had hit a 52-week low of Rs 224.25 on 8 May 2012.

The stock had outperformed the market over the past one month till 22 April 2013, rising 3.83% compared with the Sensex's 2.32% rise. The scrip had also outperformed the market in past one quarter, gaining 9.79% as against Sensex's 4.06% fall.

India's largest cigarette maker by sales has an equity capital of Rs 790.18 crore. Face value per share is Re 1.

The government raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.

ITC's net profit rose 20.6% to Rs 2051.85 crore on 23.1% growth in net sales to Rs 7627.07 crore in Q3 December 2012 over Q3 December 2011.

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

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