Diversified conglomerate ITC Ltd on Saturday said it was in the process of setting up 20 factories for its FMCG products as it aims to garner Rs 1 lakh crore revenue from that business alone by 2030."We are in the process of building 20 factories.
After a gloomy period, ITC’s pricing power finally lit up the stock, as the company seems to have decided to raise the buck from customers.The scrip closed on Thursday at Rs 346.25, up by 2.35 per cent.
The steep increase in excise duty is expected to hit cigarette consumption in the country. There is a perceptible shift in the government's policy towards cigarette consumption, which is expected to hurt ITC's earnings in the coming years.
Tobacco-to-hotel entity ITC has lost 13 per cent of its market value, or Rs 40,428 crore, since Budget day due to a sharp rise in the excise duties on cigarettes proposed by Finance Minister Arun Jaitley.
ITC, which lost 8.5% of its market value or Rs 26,058 crore on the Budget day due to the sharp hike in duties on cigarettes, should look at demerging its consumer products and hotels businesses into separate companies to unlock value for its shareholders,
Finance Minister Arun Jaitley has proposed a 25% increase in 65 mm cigarettes and 15% in other categories, which is more than what the market had anticipated.Market leader, ITC's stock tumbled 8% on news of the steep hike.
ITC Hotels, India's second largest hotel chain, has gained over 1% to Rs 395 on the BSE after it won the bid to acquire Park Hyatt Hotel property in Goa owned by Blue Coast Hotels that had been put up for public auction by IFCI.
ITC Hotels, India's second largest hotel chain, has emerged as the highest bidder for Goa-based Park Hyatt property, which was put on the block by IFCI. But the original owners allege the property is being sold at a throwaway price.
Y C Deveshwar, the chairman of cigarettes-to-hotels major ITC, laid out an ambitious road map last month of turning the company's Rs 8,100-crore non-cigarette FMCG business into a Rs 1-lakh-crore portfolio in 15 years.
ITC is trading higher by nearly 1% at Rs 394, extending its an over 5% rally in past two days on NSE, after the company has acquired the trademarks for 'Savlon' and 'Shower To Shower' in India from Johnson & Johnson for an undisclosed
ITC is trading higher by 1.5% at Rs 384, extending its previous day’s 2% gain on BSE, after the company acquired trademarks for 'Savlon' and 'Shower To Shower' in India from Johnson & Johnson for an undisclosed amount.
ITC on Friday said it had entered into an agreement with health and pharmaceuticals major Johnson & Johnson to buy two of its brands — Savlon, a brand of antiseptic soaps and liquids, and Shower to Shower, a prickly heat powder.
For nearly a decade, from FY04 to FY12, India was the world's second fastest growing economy, with average GDP growth of over 8 per cent per year. The boom translated into double-digit growth in revenues and profits for India Inc.