Page 2 - Itc

Indian economy likely to sustain high growth trajectory in FY25: ITC

The Indian economy is likely to sustain its high growth trajectory in FY2024-25, driven by strong momentum in fixed investments and a pickup in private consumption, said conglomerate ITC in its latest annual report. Besides, there are "green shoots of recovery in rural markets", improving employment conditions and sustained momentum in manufacturing and services sectors, which augur well for consumption demand in the near term, it added. The growth would also be supported by a good Rabi harvest and normal monsoons, according to the ITC annual report for FY 2023-24. "India continues to be acknowledged as one of the fastest growing major economies in the world with significant headroom for growth over the medium and long-term benefiting from a slew of purposeful interventions over several years," it added. Factors like favourable demographic profile, increasing affluence, rapid urbanisation and accelerated digital adoption represent some of the key structural drivers of growth of the

Consumer spending on ITC's goods increase 12% to Rs 32,500 cr in FY24

Diversified conglomerate ITC has said consumer spending on the company's FMCG products has increased 12 per cent to nearly Rs 32,500 crore in FY24 with over 25 crore households having access to its various brands. ITC measures annual consumer spending as the sum total of what consumer spends on buying goods of the company. It is the net sales turnover of the brands along with channel margins and taxes. The FMCG portfolio of over 25 world-class Indian brands, largely built through an organic growth strategy leveraging institutional synergies in a relatively short period of time, "represents an annual consumer spend of nearly Rs 32,500 crore and reach over 250 million households in India", the company said in its annual report for 2023-24. This is 12 per cent higher than the numbers achieved in financial year 2022-23, when it had reported an annual consumer spend of nearly Rs 29,000 crore. The company's reach has also expanded to 25 crore households from 23 crore a year ago. The FMC

GST suppliers giving discounts must ensure undertaking from client: CBIC

Suppliers giving post-sale discounts through credit notes under GST will have to ensure that the client gives an undertaking or a CA certificate stating that the ITC availed on the discount value has been reversed, the CBIC has said. Currently, there is no mechanism to track whether the Input Tax Credit (ITC) on such discounts has been reversed or not. Till the time a functionality is made available on the common portal to enable the suppliers as well as the tax officers to verify the reversal, the supplier may procure a certificate from the recipient of the supply, issued by the Chartered Accountant (CA) or the Cost Accountant (CMA), certifying that the recipient has made the required proportionate reversal of ITC at his end in respect of such credit note issued by the supplier. In cases, where the amount of tax (CGST+SGST +IGST and including compensation cess, if any) involved in the discount given by the supplier to a recipient through tax credit notes in a financial year does no

ITC shareholders clear hotel business demerger with 99.6% majority

The majority of the shareholders who participated at the NCLT-convened meeting on Thursday spoke in favour of the resolution

ITC shareholders approve demerger of hotel biz with 99.6% majority votes

ITC Hotels will compete as an independent entity with rivals such as Tata-owned Indian Hotels Company, which operates Taj Hotels, and EIH Associated Hotels, which manages the Oberoi brand of hotels

ITC Q4FY24 results: Net profit drops 4% to Rs 5,121 crore, revenue flat

ITC Q4FY24 results: The company board recommended a final dividend of Rs 7.50 per ordinary share of Rs 1 each for the financial year that ended on March 31, 2024

Q4 results today: IndiGo, ITC, and Fortis among 181 firms to post earnings

Company Q4 FY24 results today: ICRA, Rupa & Company, Page Industries, and Shilpa Medicare will also release their fourth quarter earnings report on May 23

ITC Q4 results today: Analysts see flattish quarter amid dip in margins

ITC Q4 results: ITC may report a flattish quarter with steady cigarette volume, weak paper volumes, offset by healthy hospitality sales revenue

ITC's Fortune Hotels targets opening a new hotel every month this fiscal

Fortune Hotels, a member of ITC's hotel group, is planning to open a new hotel every month in the current financial year, the company's Managing Director Samir MC said on Wednesday. In an interview to PTI, Samir shared the expansion plans of Fortune Hotels, which has just opened its first international hotel -- Fortune Resort & Wellness Spa Bhaktapur -- in Nepal. He described it as a significant milestone in the company's "beyond borders" expansion strategy, envisioning its presence in South Asia and proximal markets. "Following on the heels of this prestigious opening, we are poised to open at least four to six more hotels in the first half of the fiscal year in unique destinations like Kevadia (Ekta Nagar, Gujarat), Candolim (Goa), Palampur (Himachal Pradesh), and a beach resort in Chennai amongst others and an equal number in H2 (second half: October-March)," Samir said. "This pace aligns with our goal of establishing a new hotel almost every month in this fiscal year, marking .

ITC expands global footprint with maiden overseas hotel in Colombo

The newly inaugurated property, ITC Ratnadipa, situated on prime sea-facing land spanning 5.86 acres in Colombo, boasts 352 guest rooms, suites, and service apartments

ITC plans to open more hotels overseas with West Asia in focus: CMD Puri

India's diversified entity ITC plans to open more hotels overseas with neighbouring countries and the Middle East as primary target markets after opening of its first international property here, company Chairman and Managing Director Sanjiv Puri said on Thursday. The company's arm ITC Hotels, which had opened 22 new properties in the last 24 months, plans to add another 70 hotels in the next five years in India as part of expansion plans in the hospitality sector. Besides the hotels business, the company will look for opportunities to expand the presence of FMCG and other verticals in new overseas markets as well. "We are open to exploring opportunities that come about. I think we have strong credentials in hospitality which we can take outside India now. Very clearly at the moment the focus is on proximal markets, be it for hospitality, be it for FMCG...," Puri said here at a press conference after the opening of the 352-room luxury property, ITC Ratnadipa here. He said as the .

India growing when world is in stress: CII president-designate Sanjiv Puri

Sanjiv Puri, president-designate of leading industry body CII, said that India is growing when the world is going through a phase of stress. Speaking at an event here on Friday night, Puri, also the chairman and managing director of ITC Limited, said that the present juncture is an interesting moment. "CII has a rich legacy built over decades. We will certainly be looking forward to contributing to the growth of the economy and industry", Puri said. He said "This is also an interesting moment because this is India's moment. There has been numerous policy interventions made internally, and the global factors which give us the tailwinds. The country is growing at a time when the world is at stress." Puri said that there are lots of opportunities in India which has a huge talent pool. "The world is looking at us so far as supply chain and digital transformation are concerned. India also has the advantage of the demographic dividend", he added. He said big opportunities lay both in ..

Stocks to Watch: Infy, Bajaj Auto, HDFC Life, ICICI Sec, ITC, SpiceJet

Stocks to watch on Friday, April 19: Balrampur Chini, Bandhan Bank, Exide, GNFC, Hindustan Copper, Metropolis, National Aluminium, Primal Enterprises, SAIL and Zee among 11 stocks in F&O ban today.

We are optimistic about India story, says ITC's Director Hemant Malik

Irrespective of whether we experience tailwinds or headwinds, the market opportunities for our various food categories in India are very large, says Hemant Malik, executive director of ITC

Growing interest: FMCG, telcos on foreign portfolio investors hot list

Analysts said large part of the flows into the FMCG sector were due to the block deal in ITC, where the British American Tobacco (BAT) sold a 3.5 per cent stake for around Rs 17,000 crore

BAT starts $2 billion buyback after selling part of its stake in ITC

The London-listed company said it will purchase £700 million of its shares in 2024 and £900 million by the end of 2025

Bright spots: India and Indonesia, shining stars in earnings constellation

Nomura's analysis reveals that India's beat-to-miss ratio stands at 13 per cent, second only to Indonesia, which is at 38 per cent

BAT sells 3.5% stake in ITC for Rs 17,485 cr via open market transactions

British multinational BAT Plc on Wednesday divested a 3.5 per cent stake in FMCG-to-hotel conglomerate ITC Ltd for Rs 17,485 crore through open market transactions. British American Tobacco Plc (BAT), through its affiliate Tobacco Manufacturers (India) Ltd, offloaded more than 43.68 crore equity shares of ITC, amounting to 3.5 per cent stake, according to the block deal data available with the BSE. The shares were sold in 48 tranches, with an average price of Rs 400.25 apiece, taking the transaction value to Rs 17,484.97 crore.

Sensex plunges 906 pts, Nifty below 22K; Investors lose Rs 21 trn in 3 days

Stock market highlights on March 13: The BSE m-cap has plummeted by Rs 20.69 trillion in three days

ITC surges 9% in best single-day rally since April 2020 on BAT's stake sale

ITC's stock reported its sharpest intra-day rally since April 3, 2020 when it had surged nearly 10 per cent