Shares of FMCG giant ITC were trading more than 2% higher at ₹229 per share on the BSE in Thursday’s afternoon deals after the cigarette-to-hotel conglomerate announced its first analyst meet which it will hold next week on Tuesday, December 14, 2021.
“We write to advise, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the company will hold its ‘Institutional Investors and Financial Analysts Day’ on Tuesday, 14th December, 2021 from 10.30 a.m. (1ST),” the company informed in an exchange filing today.
A news report by CNBC-TV18, citing sources, said that ITC is planning to finalise ‘next strategy’. The company may also look at integration across mega FMCG brands, the report added.
The stock market participants have also been expecting of the announcements or clarity related to the conglomerate’s demerger of businesses.
ITC has a diversified presence across industries such as FMCG, hotels, packaging, paperboards, specialty papers and agribusiness. Shares of ITC have been somewhat of a dull performer amid the recent bull market rally. The scrip has remained in a rangebound trend and is up around just 6% this year as compared to a nearly 23% rise in benchmark Sensex.
The net profit of the country’s largest cigarette maker rose to ₹3,697 crore in the three months ended 30 September from ₹3,252.6 crore in the year earlier. The company, which also sells Aashirvaad wheat flour and Savlon soaps, standalone revenue from operations grew 12% to ₹13,553.5 crore in the September quarter from ₹12,103.7 crore a year earlier.