ITC rose 1.94% to Rs 256.90 at 12:55 IST on BSE after the company's chief operating officer Sanjiv Puri was quoted as saying that the company expects to ramp up revenue from branded packaged foods and personal care products to Rs 1 lakh crore by 2030
Meanwhile, the S&P BSE Sensex was down 8.72 points or 0.03% at 28,363.51.
On BSE, so far 10.63 lakh shares were traded in the counter as against average daily volume of 9.13 lakh shares in the past one quarter. The stock hit a high of Rs 257.70 and a low of Rs 252 so far during the day. The stock had hit a 52-week high of Rs 266 on 8 September 2016. The stock had hit a 52-week low of Rs 178.67 on 29 February 2016. The stock had underperformed the market over the past one month till 14 September 2016, sliding 0.61% compared with 0.78% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 6.99% as against Sensex's 7.49% rise.
The large-cap company has equity capital of Rs 1210.03 crore. Face value per share is Rs 1.
Sanjiv Puri reportedly said that ITC aims to strengthen its footprints in the FMCG sector by bringing in innovative, differentiated and first time products to the market. ITC continues to face pressure from contraband - or tax-evaded cigarettes - and demand created by legal products is increasingly being fulfilled by illegitimate ones, Puri reportedly said.
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Meanwhile, shares of ITC had lost 5.01% in the preceding three trading sessions to settle at Rs 252 yesterday, 14 September 2016, from its close of Rs 265.30 on 8 September 2016.
ITC's net profit rose 10.1% to Rs 2384.67 crore on 9.7% growth in net sales to Rs 9957.66 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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