ITC fell 0.86% to Rs 306 at 9:26 IST on BSE after net profit rose 0.67% to Rs 2652.82 crore on 3.46% rise in total income to Rs 9854.66 crore in Q3 December 2015 over Q3 December 2014.
The result hit the market at the closing bell on Friday, 22 January 2016.Meanwhile, the BSE Sensex was up 160.08 points, or 0.66%, to 24,595.74.
On BSE, so far 52,000 shares were traded in the counter, compared with an average volume of 2.99 lakh shares in the past one quarter. The stock hit a high of Rs 309.45 and a low of Rs 304.25 so far during the day. The stock hit a record high of Rs 409.70 on 28 February 2015. The stock hit a 52-week low of Rs 294.50 on 15 June 2015. The stock had outperformed the market over the past one month till 22 January 2016, falling 3.68% compared with 4.51% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 11.43% as against Sensex's 10.45% fall.
India's largest cigarette maker by sales has an equity capital of Rs 803.67 crore. Face value per share is Re 1.
ITC said that its performance during the quarter remained subdued reflecting the severe pressure on legal cigarette industry volumes, lack of trading opportunities in agri-commodities and sluggish demand environment prevailing in the FMCG industry.
The performance of the cigarettes business remained muted during the quarter due to taxation and regulatory headwinds facing the legal cigarette industry in India. The company added that it continues to engage with the concerned authorities, both at the Central Government and State level, highlighting the need for moderation in tax rates on cigarettes to maximise the revenue potential from the tobacco sector, arrest the growth of the illegal segment and protect the interest of the Indian tobacco farmer.
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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