Page 10 - Itc

Sensex gyrates 696 pts, ends 79 pts up; Adani Ent down 3.5%, RIL gains 1.5%

Closing Bell on August 14, 2023: In the broader markets, the BSE MidCap and SmallCap indices underperformed the benchmarks as they fell 0.5 per cent each

ITC holding in hotel business key to its success, says CMD Sanjiv Puri

Move will help it use ITC logo and brands; entire demerger process may take 12-15 months

ITC AGM, Q1FY24 nos: When will the stock breakout from consolidation mode?

ITC shares have corrected 10 per cent from their record high level of Rs 499.6, hit on July 24, 2023, as investors booked profit post the hotel business' demerger announcement

ITC bets big on FMCG for growth with annual consumer spend of Rs 29,000 cr

Diversified conglomerate ITC Limited on Friday said the FMCG business has immense potential for growth with its brands commanding an annual consumer spend of Rs 29,000 crore. Speaking at the 112th AGM of the company, ITC chairman Sanjiv Puri told shareholders in his address that the FMCG brands are being exported to several countries and the business vertical has immense growth potential due to the rising per capita income of the people. "The ITC Next strategy for the FMCG business is to build a future-ready portfolio. With more than 25 brands at the moment, the annual consumer spend is around Rs 29,000 crore", Puri said. He said that the addressable market for the FMCG vertical of ITC is USD five trillion. "The business has immense opportunity to harness this potential", Puri added. Regarding the hotel business, the ITC board had given in-principle approval to demerge the vertical and spin it off into a new entity. Puri said that the business is well poised to capitalise on the .

Tata Consumer, ITC among companies looking to buy into Organic India

Backed by Fabindia, Organic India produces organic teas and health products

Stocks to Watch on Aug 1: Adani Total, PVR Inox, Maruti, ITC, SBI, autos

Stocks to Watch on Tuesday, August 1, 2023: The Board of ITC will meet on August 14 to announce Q1FY24 results, and consider the Scheme of Arrangement for the demerger of Hotels Business

'It's a good thing': Why BAT sees value in holding on to ITC stake

Working with Indian cigarette maker for new nicotine product would be 'massive opportunity', says BAT CEO

M-cap of 7 of top-10 valued firms falls by Rs 77,434.98 cr, ITC takes hit

The combined market valuation of seven of the top-10 most valued firms fell by Rs 77,434.98 crore last week, with ITC and HDFC Bank taking the biggest hit, in-line with a muted trend in equities. Last week, the BSE benchmark fell by 524.06 points or 0.78 per cent. While Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, ITC and Bajaj Finance Limited were the main laggards in the top-10 pack, Infosys, State Bank of India and Bharti Airtel made gains in their market capitalisation (mcap). The valuation of ITC fell by Rs 26,192.05 crore to Rs 5,83,732.19 crore. HDFC Bank's mcap declined by Rs 22,747.89 crore to Rs 12,40,322.63 crore and that of Bajaj Finance plunged Rs 12,127.47 crore to Rs 4,47,298.52 crore. The market valuation of Reliance Industries tumbled Rs 5,818.43 crore to Rs 17,10,076.74 crore and that of TCS went lower by Rs 5,214.15 crore to Rs 12,27,739.80 crore. Hindustan Unilever's valuation eroded by Rs 4,417.23 crore to R

GST officers arrest 3 for fraudulent ITC claims of Rs 557 cr, fake firms

GST officers have unearthed two fake billing rackets involving 246 shell/fake entities involved in fraudulently passing input tax credit (ITC) of Rs 557 crore and arrested three key operatives. Forensic examination of seized laptops and mobile phones of the two masterminds led to the retrieval of ledgers, invoices, e-way bills, etc. Apart from this, WhatsApp chats/ voice messages evidencing the transactions of fake GST bills and illegal cash flow have also been retrieved. An initial probe by GST officers has also indicated the involvement of bank officials in opening bank accounts in the name of fake firms, the finance ministry said. "The Meerut Zonal Unit of Directorate General of GST Intelligence (DGGI) unearthed two major fake billing rackets involving 246 shell/fake entities, which have passed on fraudulent ITC of Rs 557 crore," a finance ministry statement said. One of the rackets had close nexus with fake firms unearthed by Noida Police in June 2023, it added. The finance ..

Bluechip companies lift benchmark indices after three days of losses

RIL, L&T, ITC account for bulk of the gains

Demerger not to affect synergies between ITC's other businesses: Analysts

The proposed demerger of the hotels division of ITC into a separate entity will not affect synergies with other business lines of the conglomerate, according to analysts. The board of ITC on Monday accorded in-principle approval to demerge its hotels business into a new entity to be listed pursuant to a scheme of arrangement. Broking firm JM Financial said in a report "synergies between hotels and other ITC businesses like foods should largely remain unaffected". The firm said that ITC will continue to hold 40 per cent shareholding in the new entity post-demerger and the balance of 60 per cent will be owned by the shareholders. This, according to JM Financial, will help the demerged business to raise and deploy its own capital to fund growth of the hotel business and ensure it remains on top amongst peers. This move of demerger will also point towards a sharper capital allocation strategy of ITC, the report said. Another firm Nuvama Research said that ITC has addressed the key ..

ITC with India Post launch postal stamp to promote awareness on millets

Conglomerate ITC on Tuesday in collaboration with the Department of Post released a special postal stamp to raise awareness on millets. The stamp was released here by Minister of State for Agriculture and Farmers' Welfare Kailash Choudhary, in the presence of Chief Post Master General Sushri Manju Kumar and ITC Group Head - Agri-Business S Sivakumar. The ITC Mission Millets postal stamp acknowledges the significant role of farmers and connects sustainable farming to nutritious food products and delicious millet-based recipes and dishes, a statement said. During the event, Choudhary highlighted the actions taken by the government for the promotion of Shree Anna (millets). India is the largest producer of millets in the world. The Ministry of Agriculture and Farmers Welfare has taken several initiatives such as the celebration of the International Year of Millets-2023, holding of G20 Agriculture Ministerial Meeting (AMM), designating ICAR-IIMR, Hyderabad as Global Centre of Excellenc

ITC loses over Rs 50,000 cr m-cap in 2 days on hotel biz de-merger plan

The m-cap of ITC eroded by Rs 54,350 crore to Rs 5.68 trillion in Tuesday's intra-day deal

Top headlines: Demerger of ITC's hotels biz, share transactions, and more

Business Standard brings you the top headlines at this hour

ITC dips 4% after board gives in-principle approval to demerge hotel biz

The Board has also approved incorporation of a wholly owned subsidiary of the company to be named ITC Hotels Limited

ITC approves demerger of hotel business to form new entity 'ITC Hotels'

ITC will hold a 40 per cent stake in ITC Hotels, and the rest 60 per cent, will be held by the shareholders of the company proportionate to their shareholding

ITC hits new high on heavy volumes; enters Rs 6-trillion market cap club

FPIs increased their stake in ITC to 14.51 per cent at the end of the June quarter, up from 14.21 per cent seen at the end of March quarter

CBIC clarifies ITC claims on services provided by head office to branches

The CBIC on Monday issued a clarification with regard to availment of input tax credit (ITC) on services provided by the head office (HO) to its branch office (BO), a move which will benefit multilocational businesses operating in sectors like manufacturing, IT services and transportation. In respect of the supply of internally generated services by HO to BOs, where full input tax credit (ITC) is available to a BO, the value declared on the invoice by HO to the said BO may be declared as 'Nil', and thereby there would be no need for any tax compliance in such cases. The Central Board of Indirect Taxes and Customs (CBIC) said it had received various representations seeking clarification on the taxability of activities performed by an office of an organisation in one State to the office of that organisation in another State. AMRG & Associates Senior Partner Rajat Mohan said with this clarification, multi-locational businesses that operate in the manufacturing sector, IT services, ...

ITC CMD Sanjiv Puri's total salary rose 53% to Rs 16.31 crore in FY23

The total remuneration of ITC Chairman and Managing Director Sanjiv Puri was increased 53.08 per cent to Rs 16.31 crore for financial year 2022-23. Puri drew a basic salary of Rs 2.88 crore, perquisites and other benefits of Rs 57 lakh and a performance bonus/ long-term incentives/ commission of Rs 12.86 crore from ITC for 2022-23. A year ago, Puri's total remuneration was Rs 10.66 crore, which included a basic salary of Rs 2.64 crore, perquisites and other benefits of Rs 49.63 lakh. However, his performance bonus/ commission was Rs 7.52 crore only in FY22. During the annual general meeting scheduled for August 11, ITC has proposed a resolution for re-appointment of Puri as a director and also as managing director & chairman for five years or till such earlier date to conform with the policy on retirement from July 22, 2024. Puri was appointed as Managing Director of ITC on July 22, 2019, and his present term will end on July 21, 2024. After Puri, Nakul Anand is the second ...

ITC board recommends second term for Sanjiv Puri as company's CMD

The board of ITC Limited has recommended the reappointment of Sanjiv Puri as the company's chairman and managing director for a second term of five years. The resolution seeking his reappointment as chairman and managing director of the diversified conglomerate will be put to vote at the company's annual general meeting to be held on August 11, 2023, according to a notice sent to the shareholders on Tuesday. The company under Puri drove the 'ITC Next' strategy in the last four years encompassing digital acceleration, cost optimisation, investing in new growth vectors and ensuring supply chain agility, its officials said. Revenue from the company's FMCG segment has grown from Rs 12,500 crore to Rs 19,123 crore during the period and segment EBITDA margins improved by 7.7 per cent between 2016-17 to 2022-23. Its other verticals like hotels, agri-business, paperboards, paper and packaging also registered improved performance in the last four years, they added.