ITC surges on reports of foray into dairy market

ITC rose 4.01% to Rs 342.25 at 14:42 IST on BSE on media reports that the company has decided to foray into the dairy segment with the launch of its new product Aashirvaad ghee this Diwali.

Meanwhile, the S&P BSE Sensex was up 179.81 points or 0.67% at 26,965.36.

On BSE, so far 5.80 lakh shares were traded in the counter as against average daily volume of 5.33 lakh shares in the past one quarter.

The stock hit a high of Rs 342.50 and a low of Rs 329.05 so far during the day. The stock had hit a record high of Rs 409.70 on 28 February 2015. The stock had hit a 52-week low of Rs 294.50 on 15 June 2015.

The stock had underperformed the market over the past one month till 5 October 2015, gaining 3.98% compared with the Sensex's 6.28% rise. The scrip had, however, outperformed the market in past one quarter, advancing 4.29% as against Sensex's 4.65% fall.

The large-cap cigarette maker has equity capital of Rs 802.65 crore. Face value per share is Re 1.

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's net profit rose 3.6% to Rs 2265.44 crore on 7.2% decline in net sales to Rs 8505.53 crore in Q1 June 2015 over Q1 June 2014.

ITC is a diversified company, with 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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