Page 13 - Itc

ITC gains 2% to hit a new high on strong Q3 results; stock up 13% in a week

Given tax increase in the Budget 2023 is insignificant, ITC would continue to witness strong volume growth in cigarette business in future, said analysts

Stocks to Watch: SBI, Vodafone Idea, Paytm, ITC, IndiGo, DCB Bank, Marico

Stocks to Watch: Paytm has narrowed its consolidated net loss to Rs 392 crore in Q3FY22. The company had posted a net loss of Rs 778.4 crore a year ago

Nine of top-10 firms add Rs 1.88 trn in market-cap; ITC biggest gainer

Nine of the 10 most valued firms together added Rs 1.88 lakh crore in market valuation last week, with ITC emerging as the biggest gainer. The 30-share BSE benchmark Sensex jumped 1,510.98 points or 2.54 per cent last week. Barring Reliance Industries Limited, rest nine firms including Tata Consultancy Services (TCS), HDFC Bank, Infosys and ICICI Bank were the gainers from the top-10 list. The combined market valuation gain of the nine firms was at Rs 1,88,366.69 crore. The market valuation of ITC rallied Rs 43,321.81 crore to reach Rs 4,72,353.27 crore. Infosys added Rs 34,043.38 crore, taking its valuation to Rs 6,72,935.25 crore. ICICI Bank's market valuation jumped Rs 32,239.66 crore to Rs 6,02,749 crore and that of TCS zoomed Rs 26,143.92 crore to Rs 12,74,026.80 crore. The market capitalisation (mcap) of HDFC Bank advanced Rs 23,900.84 crore to Rs 9,25,188.45 crore and that of Bharti Airtel climbed Rs 10,432.23 crore to Rs 4,42,015.45 crore. The valuation of Hindustan Uni

ITC Q3 net profit rises 23.4% to Rs 5,006 cr on growth across segments

Revenues from the non-cigarettes FMCG segment was at Rs 4,848.95 crore compared to Rs 4,099.47 crore

ITC jumps 6% to scale new lifetime high ahead of Q3FY23 results

Brokerages believe that the proposed tax hike on cigarette in the Union Budget 2023 is not very high and would be easily passed on through small price increases

ITC cannot be claimed on goods/services used for CSR activities: Budget

The Budget on Wednesday proposed certain amendments in GST Act and said that input tax credit cannot be claimed on goods/ services used or intended to be used for Corporate Social Responsibility (CSR) activities. The amendments in the Central GST Act has been brought through the Finance Bill, 2023. The amendments propose to decriminalise certain offences under the indirect tax law and double the threshold for launching prosecution under the tax law to Rs 2 crore. It, however, retained the limit at Rs 1 crore for fake invoicing cases. KPMG in India Partner, Indirect Tax, Abhishek Jain said the Finance Bill proposes to restrict input tax credit paid on goods and services used for CSR activities. "While this would be slightly disappointing for the industry, this change would clear the air on the issue which was ambiguous and was subject to contrary advance rulings," Jain said. AMRG & Associates Partner Priyanka Sachdeva said disallowance of input tax credit related to CSR activities

Budget delivers a big boost for consumption-related stocks: Analysts

The Budget has put more money in the hands of the people through relief from Income Tax, which is a very positive step, analysts said

From packaged food to hotel menus: ITC goes gung ho on millets

ITC is also developing a comprehensive millets-based portfolio under popular brand names and in familiar formats for easier adoption

World's transition to net-zero should be inclusive, says ITC CMD Puri

The process of the world's transition towards 'net-zero' needs to be inclusive to avoid accentuation of social inequality challenge and the 'exemplary progress' made by India in the area is worthwhile for the global community to look at, ITC Chairman and Managing Director Sanjiv Puri said on Monday. In his address at the Business-20 (B20) India inception meeting here, Puri also called for collective efforts in the G-20 and global community to come together to find solutions in a collaborative fashion for a sustainable future. "The fact that the world has to transition to net-zero, the fact that the world needs to move to a more sustainable and greener future is well acknowledged and understood. However, as we all know, progress has not been adequate," Puri said at the meeting organised by CII. There are challenges, there are critical, financial and social issues that need to be addressed, to accelerate progress, he added. "It is important as we traverse this complex journey that th

Baking a success: How Sampath Kumar sisters came up with a winning recipe

The scale-up plans are already being chalked out. Yoga Bar, which is into nutrition bars, muesli, oats and cereals, reaches about 5,000-6,000 retail outlets

Too early to bet on rural recovery; stay selective on FMCG stocks: Analysts

In their quarterly update, Godrej Consumer Products, Dabur, and Marico witnessed sluggish growth in the December quarter (Q3) driven by poor rural consumption and a slowdown after the festival season

Sensex ends 390 pts higher driven by HDFC twins, metals, Nifty above 18,150

Closing Bell: Within sectors, the Nifty metal index closed with most strength, up 1.5 per cent, followed by financials and pharma pockets, while PSB index slumped the most by over 1 per cent

Stocks to Watch: ITC, IndusInd Bk, Adani Transmission, Tata Metaliks, RVNL

Stocks to watch today: Tata Metaliks reported a sharp fall of 73 per cent in its December quarter net profit at Rs 9.48 crore, on account of increased expenses

ITC to buy 'Yoga Bar' to strengthen presence in health foods space

ITC signs binding term sheet to buy 100% share capital of Sproutlife Foods

Correction in ITC stock a good buying opportunity for investors

A sharp hike in tax on cigarettes could see post-Budget selling, but the company's long-term prospects are good and target prices suggest a significant upside

CBIC asks tax officers to verify invoice details in ITC mismatch cases

The CBIC has asked tax officers to verify details of invoices to resolve mismatches in ITC claims which have come up during the GST audit for 2017-18 and 2018-19. A large incidence of mismatch in Input tax credit (ITC) claims and details of outwards supplies has come to light during the GST audit for 2017-18 and 2018-19 undertaken by tax officials, following which show cause notices were issued to taxpayers. The Central Board of Indirect Taxes and Customs (CBIC) in a circular said it has received various representations from the trade as well as the tax authorities, seeking clarification regarding the manner of dealing with such discrepancies between the amount of ITC availed by the registered persons in their Form GSTR-3B and the amount as available in their Form GSTR-2A during 2017-18 and 2018-19. GST authorities, for the first time, are undertaking audit of the new tax regime which was rolled out on July 1, 2017. The CBIC said in order to ensure uniformity in the implementation

ITC stock hits 2-month low amid market weakness, slips 4% in two days

Reliance Consumer's foray into FMCG, through brand 'Independence', could be a threat to existing FMCG companies in the foods space, analysts said

Inflationary pressure on FMCG products cooling off: ITC chief Sanjiv Puri

Inflationary pressure on FMCG products is showing signs of cooling off, which may provide relief to consumers, ITC Chairman and Managing Director Sanjiv Puri said on Thursday

AP CM Jagan Mohan Reddy inaugurates ITC's global spices processing facility

Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy on Friday inaugurated ITC's global spices processing facility at the Spices Park at Yedlapadu in Palnadu district. The state-of-the-art Rs 200 crore facility will have a capacity to process 20,400 tonnes of spices like turmeric, chilli and blended spices annually in the first phase. Speaking on the occasion, ITC Chairman Sanjiv Puri said once fully complete in two phases, it would be the largest spices processing facility in the country catering to customers across the world. "This plant is equipped with state-of-the-art technology and conforms to all global standards of safe food production to the requirements of global customers. This will be aligned to our philosophy of sustainable and inclusive growth," Sanjiv Puri said. The facility also has renewable energy and would enable strengthen ITCs footprint in the agri-value chain and empower farmers, he added. The ITC chairman said they were now rolling out ITC Marts that would be

ITC hits new high in a subdued market; zooms 63% thus far in 2022

Post Q2 results, most brokerages have either recommended a 'buy' and an 'accumulate' rating on ITC with target prices in the range of Rs 365 to Rs 405