ITC Q2 net up 36.16% as tax expenses fall
Posted on 25th October 2019 |
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Beating market expectations, ITC on Thursday reported a robust 36.16% year-on-year jump in its standalone net profit to `4,023.10 crore for the second quarter ended September 30, buoyed by 44.5% y-o-y lower tax expenses. Apart from lower tax outgo on the back of corporate tax cuts, the diversified conglomerate got larger benefits in terms of a massive decrease in its total tax expenses in the September quarter this fiscal, due to ‘re-measured’ deferred tax liabilities. |
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ITC to develop value chain for chilli growers in Andhra Pradesh
Posted on 19th October 2019 |
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The Agri Business Division of ITC Ltd has joined hands with the Andhra Pradesh government for improving farm value chain for chillies under public-private partnership mode covering Krishna, Guntur, Prakasam and Kurnool districts of the southern state. The collaboration will focus on developing an integrated agri extension platform for chilli value chain development, covering 10,000 acre in the first phase and another 100,000 acre in the near future. |
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ITC may not need to hike cigarette prices after tax rate cut, vaping ban
Posted on 4th October 2019 |
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ITC may not have to increase cigarette prices for the rest of the ongoing fiscal year after reaping the benefits of a cut in corporation tax rates and the ban on vaping in the country. According to a report from Morgan Stanley, after the Centre announced a reduction in corporation tax rates from 30 per cent to 22 per cent, it doesn’t expect ITC to hike cigarette prices as the firm, is likely to be one of the biggest beneficiaries of the cut. |
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Despite big corporate tax cut gains, ITC’s stock has not fired up enough
Posted on 30th September 2019 |
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ITC Ltd, whose mainstay is the cigarettes business, has been one of the biggest beneficiaries of the cut in corporate tax rates. Since the tax rates were slashed, the stock is up 7%. But investors want more. That’s because, despite the recent appreciation in the share price, the ITC stock has lagged so far in FY20. |
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Leela-Brookfield deal: SAT dismisses ITC application
Posted on 27th September 2019 |
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The Securities Appellate Tribunal (SAT) on Thursday dismissed an application by ITC in relation to Hotel Leelaventure’s assets sale to Brookfield. The tobacco-to-hotel conglomerate’s plea had challenged a July 2019 order by the Securities and Exchange Board of India. The order had rejected ITC’s contention that the proposed asset sale to Brookfield qualified as a related-party transaction, except in respect to proposed transfer of ‘Jamavar’ trademark to Brookfield. |
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ITC shares up 9% as no cess on cigarettes was increased
Posted on 23rd September 2019 |
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Mumbai: Shares of ITC Ltd on Monday surged over 9%, its biggest jump since March 2016, after the GST Council meeting did not announce any increase in cess on cigarettes. The stock touched a high of ₹260.30 on the BSE and gained as much as 9.3%, its maximum gain since March 2016. At 9.40 am, the scrip was trading at ₹256.30, up 7.6% from its previous close. The stock’s market cap increased by nearly $3.66 billion. |
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ITC may buy stake in Coffee Day; to vie with Coca-Cola
Posted on 21st August 2019 |
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Months after the global beverage company Coca-Cola showed interest in buying stake in Cafe Coffee Day, Indian tobacco major ITC Ltd may also fight for a stake in CCD’s parent company Coffee Day Enterprises Ltd. ITC, Asia’s most valuable cigarette maker, is looking to diversify from the company’s main selling product — tobacco — and has been given access to review Coffee Day’s assets and financials so that it can contemplate on picking stake, Bloomberg reported citing unidentified sources. If ITC goes ahead with the deal, it will be able to reduce its dependence on the cigarette business. |
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ITC's cigarette volume growth slows down in June quarter
Posted on 6th August 2019 |
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The overall slump in consumption has impacted cigarette sales of ITC Ltd. The diversified business conglomerate has reported around 3% volume growth in the April-June quarter, against 7-8% in the past three consecutive quarters. This growth slowed despite no hike in cigarette taxes for two years now. |
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No light from ITC June quarter results for investors
Posted on 5th August 2019 |
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Cigarette-to-soap maker, ITC’s June quarter results were not particularly encouraging. The cigarette business, which is ITC’s mainstay, disappointed. Varun Lohchab, analyst at Jefferies India Pvt. Ltd, points out that “ITC’s Q1FY20 missed slightly operationally as cigarette volumes grew 3% year-on-year (versus our 4% expectation)." |
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ITC net profit up 12.6% at Rs 3,174 crore in June quarter
Posted on 3rd August 2019 |
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Largely in line with market expectations, ITC on Friday reported a handsome 12.6% year-on-year increase in its standalone net profit to Rs 3,173.94 crore for the first quarter ended June 30, with its gross revenue soaring 6% y-o-y during the period. The diversified conglomerate had posted a net profit of Rs 2,818.68 crore in the corresponding quarter a year ago. |
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