Profit margins of most paper producers remained under pressure in the first quarter of the current financial year, due to sustained rise in cheaper import from China and the Association of South East Asian Nations (Asean).
At the annual general meeting of cigarettes-to-hotels major ITC on last Friday (July 31), chairman Y C Deveshwar came down hard on what he described as a restrictive regime for the domestic tobacco industry.
After Maggi being off the shelves in Bihar, the state government today banned sale, advertisement and storage of 11 other brands of instant noodles after lab tests found monosodium glutamate (MSG) in them.
Diversified group ITC has set a target of garnering a revenue of Rs 1 lakh crore by 2030 from its FMCG business, as it looks to increase presence in the segment, company's chairman Y C Deveshwar said today.
ITC reported a net profit of Rs 2,265 crore in the June quarter, 3.6 per cent more than the same period last year.Total income fell 7.1 per cent to Rs 8,588 crore over the same period.The bottom line improved due to a better operating margin.
The ITC scrip fell 2.35 per cent to Rs 303.95 a share on the BSE on Wednesday, on concerns that the company might post another steep fall in cigarette volumes in the April-June period. Punitive tax has been raised on cigarette by up to 25 per cent.
Indicating polarisation in the stock market, the scrip of ITC, the country's largest maker of fast moving consumer goods (FMCG), is trading at an all-time high discount to smaller peers in the benchmark Nifty index of the National Stock Exchange.
A day after the Gujarat government banned Sunfeast Yippee noodles and Bambino macaroni in the state, ITC, maker of the former, said it was not informed or allowed to present its position on the matter.