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While the FMCG biggie&rsquo;s profits missed expectations, revenues came in stronger than anticipated

ITC Gets A Thumbs Up From Big Brokerages After Q2 Results

While the FMCG biggie&rsquo;s profits missed expectations, revenues came in stronger than anticipated

Buy ITC shares. That's the call from brokerage giants Goldman Sachs and Morgan Stanley after ITC's second quarter results. While the FMCG biggie&rsquo;s profits missed expectations, revenues came in stronger than anticipated. So, Goldman Sachs is betting big on the company now - maintaining their 'buy' rating and raising their target to 525 rupees. Morgan Stanley's even more bullish at 554 rupees, keeping their 'overweight' rating. Nomura and Citi are jumping on board too - with targets of 555 and 560 rupees. &nbsp;That's a potential 20% jump from current levels around 480. And the clincher - 34 out of 39 analysts tracking ITC recommend buying the stock, says a CNBC-TV18 report. Share the story with those who you think can use this information. And hit the subscribe button for more such updates.

ITC shares surge as BAT sells 3.5% stake for ₹17,500 crore and stock gets an UPGRADE

<h2>HSBC cited the recent correction in the stock as indicative of an attractive valuation, presenting a favorable buying opportunity</h2>

ITC shares surged over eight percent in early trade on Wednesday amidst reports of a block deal involving British American Tobacco likely selling its stake in the company.
Reports suggest that BAT may have sold up to 3.5% of its holdings in India's ITC for around 17,500 crore rupees. Meanwhile, brokerage house HSBC has upgraded ITC to a 'buy' rating, setting a price target of 480 rupees per share.
HSBC cited the recent correction in the stock as indicative of an attractive valuation, presenting a favorable buying opportunity. BAT's block trade deal in ITC
BAT's initial investment in ITC dates back to the early 1900s and the two companies have a longstanding, mutually beneficial relationship, the statement said.
The company said it intends to use the net proceeds of the block trade to buy back BAT shares over a period ending December 2025, starting with 700 million pound in 2024. It will also continue to allocate operating cashflow to fund investment in its transformation and to further deleverage.
"I am confident that ITC, under the stewardship of its current management, will continue to create further value for its shareholders. We look forward to remaining important shareholders in ITC as it continues its journey of growth," BAT Chief Executive Tadeu Marroco said.
He further said, "With this transaction BAT can accelerate the start of a sustainable buyback, while enabling us to continue to deleverage towards a new target range of 2-2.5x adjusted net debt/adjusted EBITDA." "ITC is a valued associate of BAT in an attractive market with long-term growth potential where BAT benefits from exposure to the world's most populous market," the company said.
As one of India's leading FMCG enterprises, ITC has delivered significant value for its shareholders and BAT continues to be fully supportive of ITC's management team, performance and strategy, the statement by BAT said.

The move comes amidst a 13% drop in ITC's share price this year, with BAT confirming its evaluation of divesting a "small part" of its shareholding. 

ITC shares decline amidst British American Tobacco's stake sale plans

The move comes amidst a 13% drop in ITC's share price this year, with BAT confirming its evaluation of divesting a "small part" of its shareholding.&nbsp;

ITC, one of India's leading conglomerates, witnessed a sharp decline in its share price by over 2% amidst reports of British American Tobacco Plc (BAT) contemplating the sale of a portion of its stake in the company. The London-based BAT has been engaged in discussions with Bank of America Corp. and Citigroup Inc. regarding the potential divestment of ITC shares valued at approximately $2 billion to $3 billion through block trades.
This news comes against the backdrop of ITC's shares experiencing a 13% slump since the onset of 2024, following a remarkable surge over the preceding two years.&nbsp;
BAT, which currently holds a 29% stake in ITC, confirmed its deliberation on the potential sale of a "small part" of its shareholding through an on-market block trade. However, the tobacco giant emphasized the absence of certainty regarding the terms of any forthcoming transaction or its eventual execution.
Notably, an anonymous large trade involving 12 million ITC equity shares, constituting a 0.09% stake, transpired on March 11, with the identities of the parties involved remaining undisclosed. BAT's intention to reduce its stake in ITC was publicly disclosed in February, with the company actively pursuing strategies to achieve this objective.
Typically, such divestment deals are executed at a discount relative to prevailing market prices. The specifics of the transaction are subject to alteration, with the launch of the offering potentially extending into the following week, contingent upon prevailing market conditions.
Following the Bloomberg report, BAT shares witnessed a 1.4% uptick at the close of trading on Monday in London. Meanwhile, ITC shares continued to trade lower, experiencing a 2.33% decline to ₹399.85 apiece on the BSE at 9:30 am.

ITC faces ₹1 lakh fine for shortchanging customers, one biscuit missing in "Sun Feast Marie Light" packs. Chennai resident's complaint led to this penalty, as the company's defense based on weight rather than quantity was rejected

ITC fined ₹1 lakh for underdelivering: One biscuit missing in 16-biscuit pack

ITC faces ₹1 lakh fine for shortchanging customers, one biscuit missing in "Sun Feast Marie Light" packs. Chennai resident's complaint led to this penalty, as the company's defense based on weight rather than quantity was rejected

ITC Limited, a prominent player in the FMCG industry, has been slapped with a hefty fine of ₹1 lakh for an unusual reason &ndash; packing one biscuit less in a 16-biscuit "Sun Feast Marie Light" pack. This decision came following a complaint filed by a Chennai-based resident who discovered the discrepancy when he purchased these biscuits to feed stray dogs.
P Dillibabu, a resident of MMDA Mathur in Chennai, bought two packets of 'Sun Feast Marie Light' biscuits in December 2021 from a local retail store. However, when he opened one of the packets, he found only fifteen biscuits instead of the promised sixteen. Despite seeking an explanation from the store, he received no satisfactory response. Consequently, he decided to approach ITC Limited for clarification, but the company's response fell short of addressing his concerns, as reported by the Times of India.
In his complaint, Dillibabu highlighted a startling revelation - ITC's alleged daily practice of cheating the public out of over ₹29 lakh by providing one biscuit less than what was indicated on the packaging. He pointed out that each biscuit cost ₹0.75, and the company manufactured approximately 50 lakh packets daily. Based on these figures, it was estimated that ITC was potentially swindling consumers out of a significant sum every day.
ITC's defense revolved around the claim that the biscuits were sold based on weight rather than the number of biscuits. The packaging mentioned a net weight of 76 grams, but when the biscuit packets were weighed, they consistently contained only 74 grams. This argument, however, failed to sway the consumer court.
Consequently, the consumer court has ordered ITC to pay ₹1 lakh as compensation to Dillibabu for engaging in unfair trade practices. Additionally, the court mandated the discontinuation of sales for the particular batch of biscuits implicated in the case

The food manufacturing plant will produce ITC's products including atta brand Aashirvaad, Sunfeast biscuits, and 'YiPPee!' noodles while the packaging plant would venture into sustainable packaging

ITC to invest Rs 1,500 cr to set up food manufacturing, packaging plant in MP

The food manufacturing plant will produce ITC's products including atta brand Aashirvaad, Sunfeast biscuits, and 'YiPPee!' noodles while the packaging plant would venture into sustainable packaging

Diversified group ITC on Sunday said it will invest around Rs 1,500 crore to set up an integrated food manufacturing and logistics facility and a sustainable packaging products manufacturing facility at Sehore in Madhya Pradesh.
The two projects spread over an area of nearly 57 acres will give a boost to agricultural and manufacturing sectors in Madhya Pradesh, ITC said in a statement.
"The two projects, when complete, would entail a total investment outlay of Rs 1,500 crores which will support livelihoods across sustainable value chains," it said.
Also Read: <a href="https://www.editorji.com/business-news/itc-becomes-7th-indian-firm-to-cross-6-lakh-crore-m-cap-here-s-a-list-of-first-six-names-1689862145219">ITC becomes 7th Indian firm to cross ₹6 lakh crore m-cap; here's a list of first six names</a>
While the food plant will manufacture ITC's products including atta brand Aashirvaad, Sunfeast biscuits, and 'YiPPee!' noodles, the moulded fibre products facility will be a pioneer in sustainable packaging, contributing to plastic substitution in areas such as packaging for electronic items, FMCG, and the food and beverage sector.
"ITC's investment in the food processing sector through the facility at Sehore is poised to add value to the state's manufacturing sector and support inclusive agri-value chains..
"ITC believes that the food processing sector, being at the intersection of agriculture, industry and services, can make a multi-dimensional contribution to the state's economy by enhancing the competitiveness of the food value chain," it said.
Commenting on new investment projects at Sehore, Chairman Sanjiv Puri said ITC has, over the years, expanded its footprint across all three sectors of Madhya Pradesh's economy &ndash; agriculture, manufacturing and services.
"In line with our commitment to contribute to the socio-economic development of the state, we are now investing in two world-class facilities including the Integrated Food Manufacturing and Logistics Facility and the Sustainable Packaging Products Manufacturing Facility at Sehore.
"This state-of-art facility will also be a landmark in sustainability with the unit being designed to IGBC green building Platinum standards.," he said.
A foundation laying ceremony was held on Sunday, in which Chief Minister Shivraj Singh Chouhan was present.
ITC has a significant presence in the state. Besides the upcoming projects, the company has 7 co-manufacturing units for Foods and Agarbatti that support local entrepreneurship.

Sanjiv Puri said that the 40% stake in ITC hotels would help the demerged entity to grow faster as it can attract more invetors and called the ITC Hotel's balance sheet strong

ITC Chairman Sanjiv Puri shares details on ITC Hotels demerger proposal; here are the key takeaways

Sanjiv Puri said that the 40% stake in ITC hotels would help the demerged entity to grow faster as it can attract more investors and called the ITC Hotel's balance sheet strong

ITC's chairman and Managing Director Sanjiv Puri and other senior executives of ITC Ltd took various questions on the demerger of ITC Ltd and ITC Hotels. The board of ITC gave its in-principle approval to demerge the hotels business on July 24, 2023. Here are the key takeaways from the interaction
<h2>ITC Hotels to use ITC brands</h2>
The demerged entity ITC Hotels will have a 'royalty-like' arrangement for the use of ITC brands. This will be in line with industry standards. ITC Ltd and ITC Hotels have entered an agreement for the same.
&ldquo;ITC will stay invested in the hotels business with this holding and also draw synergies for its foods vertical from the demerged entity. The hotel entity will have a strong balance sheet and also be debt-free. It can also raise capital either through debt, equity or from strategic investors," said Sanjiv Puri
Also Read: <a href="https://www.editorji.com/business-news/itc-becomes-7th-indian-firm-to-cross-6-lakh-crore-m-cap-here-s-a-list-of-first-six-names-1689862145219">ITC becomes 7th Indian firm to cross ₹6 lakh crore m-cap; here's a list of first six names</a>
<h2>40% Stake in ITC Hotels</h2>
Sanjiv Puri has said that the 40% stake in ITC Hotels would help the demerged entity to grow faster. He added that it will have access to all the goodwill, brand assets and so on for its growth and success. The 40% stake is expected to provide headroom for growth by bringing in some strategic investors.
&ldquo;It is win-win situation for all. The hotels entity will get the backing of ITC's institutional strength, brand and goodwill&hellip;this is the best arrangement at this point of time. I do not see any change in the direction of asset-right strategy, except if the new entity gets a trophy property where investments are needed," Puri said.
<h2>ITC Hotel's balance Sheet</h2>
Sanjiv Puri called the ITC Hotel's balance sheet strong and that it can be used to raise capital. He also cleared that the demerged entity can still access ITC's balance sheet.&nbsp;
&ldquo;It is that ITC Hotels has a strong balance sheet, starting out with Rs 6,000 crore in net assets and with no debt&rdquo;, Puri said.&nbsp;
<h2>Asset-right strategy</h2>
Sanjiv Puri has assured that the new entity will also have the asset-right strategy (not asset-zero or asset-light strategies) which is based on management contracts. &ldquo;If a trophy property comes up, then the board will decide at that point,&rdquo; he added.
<h2>Investor's Exit</h2>
While answering if the company will facilitate for investor's exit, Puri said that every investor will have to take independent decision and the company will not do anything about it. He also added that the market dynamics will assist if an investor wants to leave. As per Puri, investor's interest in ITC Hotels will be the same as in ITC as the tourism sector is thriving.
&ldquo;Tourism industry is in good shape and the (investor) interest in this (the new company) will be equal (to that in ITC) if not more&hellip; anybody who does not wish to be with it (ITC Hotels), market dynamics will give an exit. We won&rsquo;t participate in that,&rdquo; he said.
&nbsp;
&nbsp;

ITC becomes 7th Indian firm to cross ₹6 lakh crore m-cap; here's a list of first six names 

ITC becomes 7th Indian firm to cross ₹6 lakh crore m-cap; here's a list of first six names&nbsp;

The cigarettes-to-hotels conglomerate, ITC on Thursday joined the elite group of companies having market valuation of ₹6 lakh crore for the first time after its shares rallied over 48 percent so far this year. The ITC stock hit a record high of 489 rupees a share and gained as much as 2 percent intraday.
Also read/watch | <a href="https://www.editorji.com/business-news/u-s-first-solar-to-invest-in-india-to-make-solar-panels-report-1689857546271">U.S' First Solar to invest in India to make Solar panels: Report</a>
ITC's impressive performance across all its business segments, including cigarette, FMCG, paper and hotels made it an attractive choice for investors. Investors view ITC as a defensive option in their investment portfolios because of its stable cash flow and consistent dividend payouts. In the ranking of top-10, Reliance Industries continued to rule the chart followed by TCS, HDFC Bank, ICICI Bank, Hindustan Unilever, ITC, Infosys, State Bank of India, HDFC and Bharti Airtel.&nbsp;

For the first time, ITC has crossed ₹ 400 and has become top Nifty gainer in 1 year

ITC shares hit a new high; crosses ₹ 400 mark for the first time

For the first time, ITC has crossed ₹ 400 and has become top Nifty gainer in 1 year

Conglomerate ITC has hit a new high of Rs 400 for the first time. In the past one year, ITC shares have become the top Nifty gainer, rising about 48%.
As per Mint, the index heavyweight has been one of the top performers on the Street, rising nearly 19.81% on a year-to-date basis.&nbsp;
As per Economic Times, brokerage firm Sharekhan has a &lsquo;buy&rsquo; rating on ITC with a target price of Rs 450, which shows an upside potential of 12.5% from the current market prices. So far in the current calendar year, ITC has rallied 20% while S&amp;P BSE sensex has saw 2.2% decline.
According to data from Trendlyne, ITC has declared 25 dividends, since 3rd July 2001. In the past 12 months, ITC has declared an equity dividend amounting to ₹12.25 per share. As per BSE data, ITC's market cap is at ₹ 4.98 trillion and is now seen inching towards the Rs 5 trillion mark.
&nbsp;
&nbsp;

Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget

Budget 2023: Smoking to get more expensive; shares of cigarette companies slump

Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget

Smoking a cigarette to cost more for smokers as Finance Minister Nirmala Sitharaman announced a 16 per cent increase in the customs duty on cigarettes in the Budget 2023.&nbsp; In her speech, Finance minister Nirmala Sitharaman proposed the National Calamity Contingent Duty (NCCD) on specified cigarettes be revised upwards by about 16 per cent. The hike in NCCD on cigarettes comes two years after it was kept unchanged. Though the announcement was initially seen as negative for the cigarette makers but analysts believe cigarette companies would not find it difficult to pass on the meagre cost bump to the customers as prices have not increased much in the last two years.

As the markets remain rangebound&nbsp;amid tepid global cues here are 5 stocks you need to keep an eye on in trade-:

ITC: Q4 Profit down 1.3% as sharper-than-expected raw material cost added pressure, CLSA&nbsp;maintains a BUY but cuts price target to Rs 265/share.
Maruti: Sales declines over 70% in May vs April, Exports as well slump 35% underperforming&nbsp;peers.&nbsp;
Ashok&nbsp;Leyland:&nbsp;66% drop in sales in May vs April, underperperformed the industry which saw a 47% drop in sales in May (MoM).&nbsp;
Motherson&nbsp;Sumi: Earnings today, Profit seen rising nearly 3 times to Rs 610 cr. Stock up over 50% in the last 6 months.&nbsp;
JSW&nbsp;Steel: Steel price hikes kick off, company announced a significant hike in list prices of HRC by Rs 3,150/t


5 Stocks To Watch: ITC, Maruti, JSW Steel, Motherson Sumi, Ashok Ley

5 Stocks To Watch: ITC, Maruti, JSW Steel, Motherson Sumi, Ashok Leyland

As the markets remain rangebound&nbsp;amid tepid global cues here are 5 stocks you need to keep an eye on in trade-:
<ul>
<li>ITC: Q4 Profit down 1.3% as sharper-than-expected raw material cost added pressure, CLSA&nbsp;maintains a BUY but cuts price target to Rs 265/share.</li>
<li>Maruti: Sales declines over 70% in May vs April, Exports as well slump 35% underperforming&nbsp;peers.&nbsp;</li>
<li>Ashok&nbsp;Leyland:&nbsp;66% drop in sales in May vs April, underperperformed the industry which saw a 47% drop in sales in May (MoM).&nbsp;</li>
<li>Motherson&nbsp;Sumi: Earnings today, Profit seen rising nearly 3 times to Rs 610 cr. Stock up over 50% in the last 6 months.&nbsp;</li>
<li>JSW&nbsp;Steel: Steel price hikes kick off, company announced a significant hike in list prices of HRC by Rs 3,150/t</li>
</ul>

Indian equity market seems to have resumed its record-breaking rally as the benchmark indices closed at another all-time high on Thursday.
The Sensex&nbsp;gained over 350 points to close the session at 50,614 and the NSE&nbsp;Nifty rose 0.71% to end the trade near 14,900. With this, the Bombay Stock Exchange or BSE has crossed the market capitalisation of ₹200 lakh&nbsp;crore.
SBI, ITC, Bajaj&nbsp;Finance, Shree&nbsp;Cements and ONGC&nbsp;were the top five market movers for the day. However, Asian&nbsp;Paints, UPL, Cipla, IndusInd&nbsp;Bank and Bharti&nbsp;Airtel&nbsp;were the top five losers.
The rupee ended flat at 72.96 against the US dollar.
&nbsp;
&nbsp;

Sensex, Nifty resume their record-breaking rally

14,895.65&nbsp; 105.70 (0.71%)
50,614.29 +358.54 +0.71%
&nbsp;BSE&rsquo;s Market Cap At A Life High Of Rs 200 Lk Cr
Nifty Bank Closes Above 35,000 For The 1st Time Ever

Indian equity market seems to have resumed its record-breaking rally as the benchmark indices closed at another all-time high on Thursday.
The Sensex&nbsp;gained over 350 points to close the session at 50,614 and the NSE&nbsp;Nifty rose 0.71% to end the trade near 14,900. With this, the Bombay Stock Exchange or BSE has crossed the market capitalisation of ₹200 lakh&nbsp;crore.
SBI, ITC, Bajaj&nbsp;Finance, Shree&nbsp;Cements and ONGC&nbsp;were the top five market movers for the day. However, Asian&nbsp;Paints, UPL, Cipla, IndusInd&nbsp;Bank and Bharti&nbsp;Airtel&nbsp;were the top five losers.
The rupee ended flat at 72.96 against the US dollar.
&nbsp;
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Markets end with mild gains; Nifty ends above 11,350

After a highly volatile session, the equity benchmarks ended with mild gains on Monday following global cues.
The Sensex ended the day 60 points in the green and the Nifty closed 0.19% higher at 11,355.
Infratel, HDFC&nbsp;Life, DrReddy, ITC and Hindustan Unilever were the top five gainers in the Nifty 50 index.

11,355.05&nbsp; 21.20 (0.19%)
38,417.23 +60.05 +0.16%

After a highly volatile session, the equity benchmarks ended with mild gains on Monday following global cues.
The Sensex ended the day 60 points in the green and the Nifty closed 0.19% higher at 11,355.
Infratel, HDFC&nbsp;Life, DrReddy, ITC and Hindustan Unilever were the top five gainers in the Nifty 50 index.

itc

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