ITC rose 1.06% to Rs 252.85 at 15:18 IST on BSE on reports that a foreign brokerage has maintained its outperform rating on the stock.
Meanwhile, the BSE Sensex was down 176.27 points, or 0.63%, to 27,883.67
On BSE, so far 5.99 lakh shares were traded in the counter, compared with an average volume of 8.71 lakh shares in the past one quarter. The stock hit a high of Rs 254.95 and a low of Rs 250.50 so far during the day. The stock hit a 52-week high of Rs 262 on 2 August 2016. The stock hit a 52-week low of Rs 178.67 on 29 February 2016. The stock had underperformed the market over the past 30 days till 24 August 2016, slipped 0.54% compared with Sensex's 0.3% rise. The scrip had also performed the market in past one quarter, gaining 3.59% as against Sensex's 6.42% rise.
The large-cap company has an equity capital of Rs 1209.96 crore. Face value per share is Re 1.
The foreign brokerage has reportedly stated in a research note that lower price hike will support ITC's cigarette volume growth. The company's earnings are likely to grow at a compound annual growth rate (CAGR) of 14% over FY 2016 to FY 2019, the brokerage reportedly said.
Meanwhile, ITC during market hours today, 25 August 2016, issued a clarification regarding news reports that it has moved court against Britannia Industries (Britannia) for copying biscuit packaging. ITC said that it has filed a suit against Britannia before the Delhi High Court as Britannia has copied the trade dress and colour combination of ITC's Sunfeast Farmlite Digestive ALL Good' biscuit packages for its 'Britannia Nutrichoice Digestive Zero' biscuit packages. The case was filed by the company on 20 August 2016 and will be coming up for hearing on 31 August 2016, ITC said.
Shares of Britannia Industries rose 0.98% at Rs 3,470. The company in its clarification issued after market hours yesterday, 24 August 2016, said that ITC has filed a suit against the company at Delhi High Court alleging that Britannia is copying the color combination of ITC's 'Sunfeast Farmlite Digestive All Good' Biscuit Packs for its 'Nutrichoice Digestive Zero' biscuit packs. The matter came up for hearing before Delhi High Court on 22 August 2016 and 24 August 2016. The next date of hearing is 31 August 2016. No injunction (stay) has been granted as of now. As the matter is sub-judice, the company cannot comment further on this matter, Britannia Industries said.
ITC's after net profit rose 10.09% to Rs 2384.67 crore on 10.07% increase in total income to Rs 10474.56 crore in Q1 June 2016 over Q1 June 2015.
ITC is a diversified company, with 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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