The popular range would pit ITC against the likes of Cadbury's and Nestle in the chocolates segment
Such initiative would leverage the company's experience in the hospitality and tourism sector: ITC
ITC's latest December quarter results were dampened by demonetisation particularly the FMCG business
Held through SUUTI, stake in tobacco-to-FMCG major comes down to 9.1%
ITC shares rose as much as 5.5% in early trade to a record high of Rs 292.15 after news of the sale
The 2% stake sale in ITC will fetch the government approximately Rs 6,700 crore
The stock hit lifetime high of Rs 280, up 4%, extending its previous days nearly 5% rally on the BSE.
ITC, Golden Tobacco, VST Industries and Godfrey Phillips India were up 1% to 6% on the BSE.
Total income from operations up 5% at Rs 13,471 cr
Lower tax rate aided third quarter earnings; focus will now shift to the Budget
The company had posted a net profit of Rs 2,503.76 crore during the same period last fiscal
In past one month, the stock outperformed the market by surging 17% as compared to 5.5% rise in the Sensex.
To foray into fruits, vegetables and seafood segment next
Sales of these two brands have declined 20-30% after the price hike
Even as Street cheered price hikes, uncertainty on taxes under GST a key overhang for tobacco major
VST Industries, Golden Tobacco and ITC were up 3% to 11% on the BSE
In 2015-16, ITC's total FMCG business had a consolidated revenue of Rs 28,409.83 crore in which cigarettes contributed Rs 18,685.98 crore
The stock was up 3% to Rs 257 on BSE in intra-day trade, extending its 5% gain in past two trading sessions.
Golden Tobacco locked in upper circuit of 10% and Godfrey Phillips India up 6% on BSE in intra-day trade.
Tobacco firms have criticised the biennial event because proceedings have in the past not been open to the public