ITC rose 1.24% to Rs 301.05 at 14:26 IST on BSE after the company's board approved a proposal of demerger of non-engineering business of Wimco.
The announcement was made during market hours today, 28 August 2013.
Meanwhile, the S&P BSE Sensex was down 85.44 points, or 0.48%, to 17,882.64
On BSE, 12.14 lakh shares were traded in the counter as against an average daily volume of 6.47 lakh shares in the past one quarter.
The stock was volatile. The stock lost as much as 4.02% at the day's low of Rs 285.40. The stock rose as much as 2.4% at the day's high of Rs 304.50. The stock had hit a record high of Rs 380 on 24 July 2013. The stock had hit a 52-week low of Rs 251.10 on 17 September 2012.
The stock had underperformed the market over the past one month till 27 August 2013, falling 19.31% compared with the Sensex's 9.01% fall. The scrip also underperformed the market in past one quarter, declining 10.91% as against Sensex's 10.3% slide.
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India's largest cigarette maker by sales has an equity capital of Rs 791.64 crore. Face value per share is Re 1.
The board of ITC at its meeting held today, 28 August 2013, approved the demerger of the non-engineering business comprising safety matches business and agri (forestry) business of Wimco (a subsidiary of the company) into the company and the related scheme of arrangement ('scheme') between Wimco and the company. The scheme, which is subject to approvals as necessary, will take effect from 1 April 2013. Upon the scheme becoming effective, the members of Wimco will be entitled to 2 (two) ordinary shares of Re 1 each of ITC for every 77 (seventy seven) equity shares of Re 1 each of Wimco held by them on such date as may be determined. ITC alongwith Russell Credit, ITC's wholly owned subsidiary, holds 98.21% of the equity share capital of Wimco.
ITC's net profit rose 18.1% to Rs 1891.33 crore on 10.7% growth in total income to Rs 7613.88 crore in Q1 June 2013 over Q1 June 2012.
ITC has a diversified presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.
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