ITC to consider merger of 3 subsidiaries with self

The board of ITC will consider a proposal for amalgamation of Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah with the company.

All three are wholly owned subsidiaries of ITC. The proposal will be taken up at a meeting fixed on 4 September 2020, the company announced after market hours on Friday, 28 August 2020. Shares of ITC rose 0.7% to Rs 195.55 on Friday.

ITC reported a 26.19% decline in net profit to Rs 2342.76 crore on a 17.4% fall in net sales to Rs 9501.75 crore in Q1 June 2020 over Q1 June 2019. Revenue from sale of cigarettes stood at Rs 3,853.79 crore (down 29.07% YoY) while total FMCG revenue, including cigarettes, was at Rs 7,228.36 crore (down 14.89% YoY).

 

ITC is engaged in the marketing of fast-moving consumer goods (FMGC). The firm operates through four segments: FMCG; hotels; paperboards, paper and packaging, and agri business. ITC is the market leader in cigarettes in India.

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