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ITC Stocks Rise Over News Of Company Hosting 'Analysts Day' Next Week

Sources informed business news channel CNBC TV18 that ITC could offer more clarity on a probable demerger and separate listing of its varied business verticals.

ITC Stocks Rise Over News Of Company Hosting 'Analysts Day' Next Week
ITC Stocks Rise Over News Of Company Hosting 'Analysts Day' Next Week
outlookindia.com
2021-12-09T16:23:45+05:30

Shares of ITC Limited rose more than 5 per cent after the consumer goods company on Thursday informed investors about conducting 'Institutional Investors and Finance Analysts Day' on December 14. 

The company's stock closed 4.60 per cent higher at Rs 235.30 on the BSE. On the NSE, it closed 4.91 per higher at Rs 236.00.

The stock had scaled an intra-day high of Rs 236.50 on the BSE, which is a 5.13 per cent rise over its previous close. 

Sources have informed business news channel, CNBC-TV18 that the meeting could potentially provide more clarity on demerger and distinctive listing of the conglomerate's FMCG, technology and agri-businesses. 

ITC is now operating multiple business verticals which include fast-moving consumer goods, stationery, cigarettes & tobacco, luxury hotels and agri-business.

The nature of these verticals is very distinct. While the fast-moving consumer goods include its packaged food product brands such as Aashirvaad, Sunfeast Yipee! and Bingo! along with its stationary line-up Classmate.

The company's FMCG, cigarettes and stationery verticals have been able to offset the impact bought forth by the pandemic, the same has not been true for its hotel business. Operations of the latter have been affected by covid-related restrictions. 

In the September-end quarter, its FMCG vertical recorded a 23 per cent rise in revenues compared to the second quarter, last year. Its cigarette business recorded a 10.3 increase in net revenues during the same period and the Paperboards, Paper and Packaging segment registered a 25 per cent spike in revenues. 

Its Hotel business too witnessed a more than threefold rise in revenues at Rs 311 crore on a year-over-year basis. However, this was also because, during the comparable period, the business was struggling because of covid-related restrictions on travel and tourism. 

The company's overall revenue rose 11.1 per cent on a year-over-year basis to reach Rs 13,356.15 crore in the September-end quarter. Profit after taxes rose 13.7 per cent year-over-year to Rs 3,697.18 crore whilst earnings per share stood at Rs 3/share in the second quarter. 

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