ITC Share Price Live Updates: ITC's monthly performance reflects stability
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Time of India
2 days ago
- Time of India
ITC announces Rs 20,000cr investment push: Focus on FMCG margin boost; Puri sees demand rebound ahead
Sanjiv Puri (left), ITC (TOI) Leading FMCG conglomerate ITC Ltd. plans to invest Rs 20,000 crore across its business verticals over the medium term, spanning the next five to six years, Chairman Sanjiv Puri announced recently, reported ET. The announcement comes shortly after the company inaugurated eight new manufacturing facilities focused on fast-moving consumer goods (FMCG), sustainable packaging, and export-oriented, value-added agri-products, Puri made the announcement while addressing the 114th general meeting of the company virtually on Friday. Banking on the economic outlook of India, ITC in the last two-years has spent over ₹4,500 crore on capex, he added, though he didn't reveal the sectors in which the new investments would be pumped in. He went on to say that the largest cigarette manufacturer of the country keenly looks at potential acquisitions aligning with its strategy and adding gradual growth, according to the news outlet. Kolkata based FMCG giant has made some key acquisitions in the past few years, including frozen food company Prasuma, organic packaged staples brand 24 Mantra Organic and Century Pulp and Paper. Puri also informed about the company's target at improving FMCG margins by 80-100 basis points per year (a basis point is a hundredth of a percentage point). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Salma Hayek, 58,Shows Her Huge Size In New Photos Boite A Scoop Undo "It may not be a linear increase but this is a trajectory we expect will sustain," he said. ITC, the second largest FMCG brand of the country, sees an annual consumer spend upwards of Rs 34,000 crore, reaching more than 260 households across India and exported to 70 countries. Over the past three years,the company has introduced 300 new FMCG products- a momentum company intends to continue, according to chairman Puri. "Segments like health and wellness, nutrition, functional foods, organic and naturals are poised to become megatrends of the future. New generation channels are also transforming the market and accentuating these trends," he said, reported ET. The ITC chairman touched on the point of settling headwinds, with commodity prices still high, overall inflation is relatively moderate. "We expect progressive improvement in demand," he said. He also shared that ITC is expanding into horticulture, including the cultivation of potatoes, spices, and mangoes. According to Puri, the company has integrated AI across its entire value chain - from product development and marketing to agricultural sourcing, logistics, and last-mile sales execution. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hindustan Times
2 days ago
- Hindustan Times
₹260-cr fake billing scam busted in Mandi Gobindgarh, 2 arrested
Ludhiana: Officials from the Central Goods and Services Tax (CGST), Ludhiana commissionerate, have unearthed a large-scale fake billing racket in Mandi Gobindgarh. Acting on specific intelligence inputs, multiple search operations were conducted in Mandi Gobindgarh unearthing a syndicate involved in availing and passing on fake Input Tax Credit (ITC) in the iron and steel sector using five firms. Officials from the Central Goods and Services Tax (CGST), Ludhiana commissionerate, have unearthed a large-scale fake billing racket in Mandi Gobindgarh. During the search operations, the officers uncovered a modus operandi involving the acquisition of debt-ridden rolling mills, which were used as fronts by scamsters to avail and pass on fake ITC, thereby evading the scrutiny of GST enforcement agencies, an official statement said on Friday. Following the search operations, two individuals who were operating and controlling these firms were arrested on July 24. 'As per the preliminary assessment, the quantum of bogus bills stands at a staggering ₹260 crore, resulting in a GST loss of ₹47 crore to the exchequer,' it said. With the two arrests made so far, the investigation is ongoing to uncover the full extent of the network and identify other entities involved.
Hans India
2 days ago
- Hans India
ITC lines up Rs 20K-cr investments
Kolkata: Diversified conglomerate ITC Ltd will invest Rs20,000 crore in the medium term to expand its manufacturing footprint across sectors, Chairman SanjivPuri said on at the AGM, he said the company has already set up eight new manufacturing facilities in recent years as part of its growth strategy. Puri said the company will prioritise its 'Bharat First' strategy—focusing on deepening its domestic presence—before making a significant overseas impact. He added that new brand launches are aimed at driving value per cent of the company's revenue is from non-cigarette business, Puri said. Purifurther said the company will continue to evaluate strategic options for its businesses, including ITC Infotech, based on competitive context, business maturity, opportunities and overall value creation, without specifying any immediate plans for a demerger similar to the hotels vertical. Referring to studies by leading consulting firms in 2002, 2006, and 2017, Puri said these reports observed that conglomerates delivered superior shareholder returns in about 50 per cent of cases. 'Value creation is not a function of diversification, but of how that diversity is managed. With distributed leadership, strong governance and institutional synergies, ITC has turned this into a strength,' he said. Responding to a query on the possibility of spinning off ITC Infotech as a separate listed entity at the AGM, Puri said: 'We look at the business strategy, the competitive context, maturity of the business, and weigh the pros and cons of the current structure. Whatever is best, we recommend for shareholders' approval.' He stressed that ITC's structure is aligned with its strategic objectives, and decisions such as the demerger of ITC Hotels follow extensive reviews. 'Just like we did for hotels, whatever is right will be done at the right time. Nothing is cast in stone,'Puri asserted.
