Page 13 - Itc

NCLAT sets aside CCI penalty on ITC for not furnishing info on Savlon deal

The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed on multi-conglomerate ITC by fair trade regulator CCI for not notifying for the acquisition of brands 'Savlon' and 'Shower to Shower' in 2017. ITC had 2017 acquired the antiseptic brand Savlon and the personal care product brand Shower To Shower from Johnson & Johnson Private. The Competition Commission of India (CCI) had on December 11, 2017, imposed a fine of Rs 5 lakh on ITC for alleged failure to give notice under sub-section 2 of Section 6 of the Competition Act. The section mandates the enterprise, which proposes to enter into a combination, to give notice to the CCI disclosing the details of the proposed combination, within 30 days. However, the CCI's order was challenged by ITC before the NCLAT, which is an appellate authority contending that the value of the deal was Rs 68.37 crore, hence, as per the rules and regulations, there was no need for any such notification. They were exempted .

ITC rally has more legs on FMCG biz scale up, high cigarette vols: Analysts

ITC share: The stock has firmly outperformed the benchmark returns by rallying 56 per cent over the last year versus a 3% and 23.5% gain in the Nifty50 and Nifty FMCG indices during this time

ITC surpasses HDFC's m-cap to become 7th most valued listed company

Thus far in calendar year 2023 (CY23), ITC has surged 22%, as compared to 3% decline in the S&P BSE Sensex, and 2.4% rise in HDFC Ltd

With nearly 100% stock returns in 16 months ITC is in no hurry to win

The unhurried pace of ITC, not controlled by any business family, has been reassuring

ITC m-cap hits Rs 5-trn for the first time; stock surges 21% so far in CY23

ITC is expected to maintain its volume growth momentum in the cigarette business, given no price hikes in the near term and government curbing illicit cigarette sales

ITC to add 3 properties under Welcomhotel in MP, Himachal, Uttarakhand

ITC Hotel Group's upper upscale brand Welcomhotel is planning to add three more properties in Madhya Pradesh, Himachal Pradesh and Uttarakhand. Recently, ITC inked a deal to open 136-room Welcomhotel Gwalior, which is spread over 7 acres and slated to open by 2025, the hospitality company said in a statement. The firm will be opening a 46-key hotel in Manali in a few months, it added. The company will also open a hotel in Dehradun under a management contract with Unique Hotels and Restaurants. The existing property is in the process of being converted into a 78-key hotel. "The signing of more properties under the upper upscale Brand Welcomhotel is in line with ITC Hotels' expansion plan to take our brand and services to tier II markets in addition to prime metro cities," ITC Hotels Divisional Chief Executive Anil Chadha said.

Nestle to Tata, big FMCG firms race to acquire maker of Ching's Secret

Last year, Capital Food's three main shareholders decided to put their stake up for sale, it is expected to fetch them $1-1.25 billion

Eye on growth post-pandemic, ITC to invest Rs 3,000 crore annually in India

The fast-moving consumer goods (FMCG) company will use the money to build more manufacturing capabilities

ITC Hotels launch Mementos Udaipur, its first Mementos property in India

ITC's Hotel Group has announced the opening of its first Mementos property by ITC Hotels, Ekaaya, Udaipur, under the new brand - Mementos

ITC working on short-term action to mitigate impact of a harsh summer

A team of experts is working using big data analytics. "We are piloting it on certain agri crop value chains," Puri said

ITC's diversification into non-cigarette biz shows critical mass in profits

But ITC's strong run currently is not restricted to a single segment - all businesses are on a high

Invoices, cheque payment not sufficient to claim ITC under VAT: SC

Apex court allows tax authorities' appeal against Karnataka High Court judgment

Bharat 22 rebalance to set off selling in ITC and Nalco, shows data

Churn is by reason of changes to weighting of existing components

Stocks to Watch: Power Grid, HDFC, Mahanagar Gas, Naukri, IEX, Zydus Life

Stocks to Watch: Mahanagar Gas has entered into a pact to acquire Unison Enviro, a subsidiary of Ashoka Buildcon, for Rs 531 crore

ITC's climb to all-time high shows Indian investors searching for stability

ITC's climb has accelerated this month, as Hindenburg Research's allegations against the Adani Group has made Adani Enterprises and Adani Ports & Special Economic Zone the index's worst performers

Sensex surges 600 points to scale 61,000-mark; ITC and RIL sparkle

The BSE benchmark Sensex surged 600 points on Tuesday, propelled by market heavyweight RIL, ITC, banking and IT shares amid positive global cues. Sliding crude oil prices in the international markets and buying by foreign investors also bolstered sentiment, traders said. The 30-share BSE Sensex ended 600.42 points or 0.99 per cent higher at 61,032.26. During the session, the index witnessed a high of 61,102.74 and a low of 60,550.25. The broader NSE Nifty surged 158.95 points or 0.89 per cent to finish at 17,929.85. ITC topped the Sensex gainers' chart with a jump of 3.31 per cent, followed by Reliance Industries, Bajaj Finance, ICICI Bank, Infosys, Axis Bank and Wipro. On the other hand, NTPC, UltraTech Cement, L&T, Sun Pharma, Asian Paints and Maruti were among the major laggards, shedding as much as 1.10 per cent. "Domestic indices edged higher, inspired by their global counterparts, as investors await the US inflation numbers today. The whammy over India's retail inflation ..

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