ITC rises on acquiring stake in Delectable Technologies

ITC Ltd. | Cigarettes/Tobacco | FMCG | BSE: 500875 | NSE: ITC

01 Nov 2023 Evaluate

ITC is currently trading at Rs. 429.30, up by 0.75 points or 0.18% from its previous closing of Rs. 428.55 on the BSE.

The scrip opened at Rs. 430.00 and has touched a high and low of Rs. 430.70 and Rs. 428.40 respectively. So far 160843 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 499.60 on 24-Jul-2023 and a 52 week low of Rs. 325.35 on 26-Dec-2022.

Last one week high and low of the scrip stood at Rs. 436.80 and Rs. 428.00 respectively. The current market cap of the company is Rs. 535648.76 crore.

The Institutions and Non-Institutions held 85.31% and 14.69% stake in the company respectively.

ITC has acquired 2,286 Equity Shares of Rs 10 each of Delectable Technologies (Delectable). With the aforesaid acquisition, the Company’s shareholding in Delectable aggregates 39.32% of its share capital on a fully diluted basis.

Earlier, ITC had entered into definitive agreements to acquire further 2,286 Equity Shares of Rs 10 each of Delectable Technologies, an associate company, subject to completion of agreed conditions precedent. The said acquisition will, inter alia, further strengthen presence of ITC’s FMCG products in the emerging distribution channel of vending machines.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agribusiness, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.