The board of tobacco-to-hotels major, ITC, will meet for the first time since the demise of its chairman and non-executive director, Y C Deveshwar, on Monday. The agenda before the board, circulated much ahead of Deveshwar’s demise on Saturday, was to approve the audited financial results for the quarter and financial year and recommendation of dividend. However, it was most likely that the issue of succession would come up for discussion at the meeting.
ITC has moved the National Company Law Tribunal (NCLT) against Hotel Leelaventure, alleging “oppression and mismanagement” of minority shareholders. ITC, which has a 7.92% stake in Hotel Leelaventure, has objected to a transaction involving the sale of properties by Hotel leelaventure to Brookfield.
ITC’s petition in the NCLT, Mumbai, noted that “….from the limited inspection provided, it became clear that the proposed transaction would have the effect of transferring a substantial part of the assets of Respondent No. 1 in favour of Brookfield for an amount of Rs 4,250 crore.
The Maharashtra Authority of Advance Ruling (AAR) held that a Pune-based company (a step-down arm of South Korean steelmaker Posco’s Indian arm) is not eligible to claim input credit tax (ITC) for goods and services tax (GST) paid on the hotel stay provided to its executive in lieu of residential rent-free lodging as it doesn’t amount to furtherance of business.
New Delhi: Wavemaker, the media, content, and technology agency from GroupM on Tuesday announced that it has been awarded the consolidated digital mandate of fast moving consumer goods giant ITC following a multi-agency pitch. Dentsu Aegis Network is the incumbent agency on the account.
Estimated to be in the range of ₹60 crore, the mandate includes search engine, social media, digital creatives and all other verticals.
ITC’s Q3FY19 revenue (grew 14.9% y-o-y), Ebitda (grew 10.8% y-o-y) and adjusted PAT (grew 13.8% y-o-y) came in line with estimates. Despite a 7-year high cig. volume growth of ~7.5% y-o-y, stock saw a negative reaction due to another single-digit cig Ebit growth (8.8% y-o-y) vs ~10-11% expectation. Price hikes in cigarette and tax increase in interim budget remain key monitorables. Maintain Buy on favourable risk-reward.
Diversified conglomerate ITC on Wednesday reported a 3.85 % year-on-year rise in its net profit to Rs 3,209.7 crore during the quarter to December 2018, although its comprehensive income witnessed a 13.8% y-o- y jump to Rs 3,637.01 crore taking into account the other comprehensive income it had during the quarter. The comprehensive income registered the highest growth during the last 17 quarters driven by enhanced scale,
Cigarette-to-soap maker ITC, which is on a dairy portfolio expansion spree, on Tuesday said it has no hurry to be a pan-India player in pouch milk and curd, and is currently focussing on the West Bengal and Bihar markets in these two categories. The diversified conglomerate is looking to launch paneer and flavoured milk in the next two months.
Largely in line with street estimates, cigarette-to-hotel major ITC on Friday reported close to 12% year-on-year growth in its standalone net profit at Rs 2,954.67 crore for the second quarter ended September 30, with gross revenue soaring 14.7% y-o-y. Revenues from cigarette, non-cigarette FMCG and hotels businesses during the July-September period posted double-digit growth.
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