New Delhi, Diversified entity <keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword> Ltd on Monday reported a 16.08 per cent rise in consolidated net profit at Rs 5,180.12 crore in the first quarter ended June 2023. The company had posted a consolidated net profit of Rs 4,462.25 crore in the year-ago period, ITC Ltd said in a regulatory filing. Its consolidated revenue from operations stood at Rs 18,639.48 crore, down 6 per cent. It was Rs 19,831.27 crore in Q1 of FY 2022-23. ITC's total expenses in the quarter was at Rs 12,421.77 crore, down 12.53 per cent from the first quarter of FY 2022-23. Total income of ITC in the June quarter was down 3.92 per cent to Rs 19,361.78 crore. Shares of ITC on Monday settled at Rs 448.95 on BSE, up 0.06 per cent from previous close.

ITC Q1 2023-24 net profit rises 16% to Rs 5,180.12 cr

Diversified entity <keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword> Ltd on Thursday reported a 22.66 per cent rise in consolidated net profit at Rs 5,225.02 crore in the fourth quarter ended March 2023. The company had posted a consolidated net profit of Rs 4,259.68 crore in the year-ago period, ITC Ltd said in a regulatory filing. Its consolidated revenue from operations stood at Rs 19,058.29 crore against Rs 17,754.02 crore in Q4 FY22. The total expenses also rose to Rs 12,907.84 crore from Rs 12,632.29 crore a year ago. For the fiscal ended March 31, 2023, consolidated net profit was Rs 19,427.68 crore compared to Rs 15,485.65 crore in FY22. In FY23, its consolidated revenue from operations stood at Rs 76,518.21 crore against Rs 65,204.96 crore in the year-ago period. SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/the-1-percent-club-heres-the-net-wealth-required-in-india-and-other-countries/slidelist/100326422.cms">The 1 percent club: In India, ₹1.4 cr can make the cut but in US you need 30x more</a> <a href="https://www.businessinsider.in/tech/news/apple-app-store-prevented-over-2-billion-in-fraudulent-transactions-last-year-banned-282-million-user-accounts/articleshow/100322718.cms">Apple App Store prevented over $2 billion in fraudulent transactions last year, banned 282 million user accounts</a> <a href="https://www.businessinsider.in/business/auto/news/electric-scooters-and-bikes-may-get-costlier-as-government-looks-to-revamp-the-fame-ii-scheme/articleshow/100321089.cms">Electric two wheelers may get costlier as government looks to revamp the FAME-II scheme</a>

ITC Q4 net profit rises 22.66% to ₹5,225 crore

New Delhi, Diversified entity <keyword id="19896958" type="General" weightage="20" keywordseo="itc" source="keywords">ITC</keyword> Ltd on Monday reported a 6.51 per cent rise in consolidated net profit to Rs 5,400.51 crore for the December 2023 quarter due to a resilient performance by the FMCG vertical. The company had posted a consolidated net profit of Rs 5,070.09 crore in the October-December period a year ago, ITC said in a regulatory filing. Its gross revenue from sales rose 2.3 per cent to Rs 19,337.84 crore during the quarter under review. It was Rs 18,901.76 crore in the corresponding quarter a year ago. ITC's revenue from operations in the December quarter was Rs 19,484.50 crore, up 2.43 per cent. It was Rs 19,020.65 crore a year ago. "Amidst a challenging macro-economic and operating environment, as stated above, and high base effect in some of its operating segments, the company delivered a resilient performance during the quarter," said ITC in an earning statement. The total expenses of the Kolkata-headquartered firm increased 5.33 per cent to Rs 13,453.73 crore. During the quarter, ITC revenue from the 'total FMCG' segment, which also includes the cigarettes business, rose 4.47 per cent to Rs 13,513.43 crore. It was Rs 12,934.67 crore in Q3 FY23. Its revenue from the cigarette business inched up 2.59 per cent at Rs 8,295.18 crore in the October-December quarter. It was Rs 8,085.72 crore in the corresponding quarter last fiscal. Its differentiated variants and premium segment continue to perform well during the quarter. "The cigarettes business witnessed consolidation on a high base after a period of sustained growth momentum," said ITC. ITC's revenue from the FMCG-others segment was also up 7.61 per cent at Rs 5,218.25 crore in Q3 FY24 against Rs 4,848.95 crore in the year-ago period. "The FMCG Businesses delivered resilient performance amidst a slowdown in consumer demand; staples, dairy, beverages, fragrances, personal wash, homecare, agarbattis, classmate notebooks and pens drive growth," it said. Competitive intensity remained high in certain categories such as biscuits, snacks, noodles, and popular soaps, including from local and regional players. ITC's FMCG-others segment consists of branded packaged foods like staples, snacks, meals, dairy and beverages, confections, apparel, education and stationery products, personal care products, safety matches and incense sticks. The revenue from ITC's Hotels segment surged 18 per cent to Rs 872.46 crore. It witnessed strong growth in ARRs (average room rents) and occupancies across properties driven by (packages), MICE (Meetings, Incentives, Conferences and Exhibitions) segments and marquee events like the ICC Cricket World Cup, it added. "Segment EBITDA margin expanded by 470 bps year-on-year to 36.2 per cent driven mainly by higher <keyword id="19949710" type="General" weightage="20" keywordseo="revpar" source="keywords">RevPAR</keyword> (revenue per available room) operating leverage and strategic cost management initiatives," it noted. ITC's agribusiness was marginally down to Rs 3,273.23 crore in the December quarter of FY24 as it was impacted by restrictions on wheat and rice exports. It was Rs 3,305.21 crore in the year-ago quarter. "The operating environment remained challenging due to various policy interventions of the Government of India to ensure food security and control inflation which limited business opportunities for the agribusiness," it said. ITC's revenue from the 'paperboards, paper and packaging' segment fell 9.74 per cent to Rs 2,080.91 crore on account of a subdued consumer demand and a relatively muted festive season. The export markets in the segment remain impacted by low-priced Chinese supplies. "Margins were impacted largely by a sharp drop in realisations and unprecedented surge in domestic wood costs due to increased demand from competing industries," it said. Revenue from other segments, including its information technology services, branded residences etc, rose 10.86 per cent to Rs 950.04 crore against Rs 856.91 crore in Q3 FY22. Meanwhile, in a separate filing, ITC informed that its board in a meeting held on Monday declared an interim dividend of Rs 6.25 per ordinary share of Re 1 each for the financial year ending on March 31, 2024. The board also recommended the approval of the appointment of Atul Singh as a Non-Executive Director and <keyword id="20380873" type="General" weightage="20" keywordseo="pushpa-subrahmanyam" source="keywords">Pushpa Subrahmanyam</keyword> as an Independent Director, both for a period of five years with effect from April 2, 2024. Shares of ITC on Monday settled at Rs 450 apiece on the <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword>, down 1.20 per cent from the previous close.

ITC Q3 net profit rises 6.5% to ₹5,400.52 crore; revenue up 2.43%

New Delhi, Diversified entity ITC Ltd on Thursday reported a 6.11 per cent rise in consolidated net profit to Rs 4,955.90 crore for the September quarter amid a challenging operating environment. The company had posted a consolidated net profit of Rs 4,670.32 crore in the year-ago period, ITC said in a regulatory filing. Its gross revenue from the sale of products stood at Rs 19,137.51 crore, up 3.83 per cent during the quarter from Rs 18,430.52 crore a year ago. ITC's revenue from operations rose 3.55 per cent to Rs 19,270.02 crore in the second quarter of the current fiscal, as against Rs 18,608 crore last year. "Amidst a challenging operating environment and high base effect in some of its operating segments, the company sustained its strong growth momentum during the quarter, driven by focus on customer centricity, accelerated digital adoption, execution excellence and agility," ITC said in its earning statement. The company's total expenses in the quarter rose 3.54 per cent to Rs 13,278.69 crore. The company said strong performance continued in FMCG-others category with the segment revenue up 8.3 per cent year-on-year (y-o-y) on a high base. The cigarettes segment also showed a resilient performance and net segment revenue was up 8.5 per cent year-on-year. There was sustained volume claw back from illicit trade on the back of deterrent actions by enforcement agencies and relative stability in taxes, it added. Hotels business saw a "stellar performance" with record high second quarter, ITC said. The agri business segment revenue, excluding wheat and rice exports, grew 26.4 per cent y-o-y. Geopolitical tensions and climate emergencies have led to concerns over food security and food inflation globally. "To ensure India remains food secure, the government has had to impose trade restrictions on agri commodities; consequently limiting business opportunities for the agri business," the company said. The performance in paperboards, paper and packaging segment reflects the impact of low priced Chinese supplies and muted demand in export markets, sharp reduction in global pulp prices and high-base effect, it said, adding that the domestic demand was also relatively subdued in certain discretionary categories. During the quarter, public investment remained strong, and consumption demand has been relatively subdued, especially in the value segment and rural markets on the back of sub-par monsoon and persistent food inflation, which saw a sharp spike, ITC said. "Green shoots of recovery are visible, with prospects of improved agri output, the onset of the festive season, increase in rural wages and government spending on infrastructure auguring well for a recovery in rural markets," it said. Shares of ITC on Thursday settled at Rs 450.30 on the BSE, down 0.28 per cent from the previous close.

ITC Q2 net profit rises 6.1% to Rs 4,955.90 crore

<ul><li>The arrangement shall be placed for approval of the board at its next meeting to be convened on August 14.</li><li>The <keyword id="6357073" type="General" weightage="80" keywordseo="itc" source="Orion">ITC</keyword> board has also approved the incorporation of the wholly-owned subsidiary <keyword id="166964" type="General" weightage="80" keywordseo="itc-hotels" source="Orion">ITC Hotels</keyword> Ltd.</li><li>The stock has seen an amazing bull run in the past few months and it is up 7% this month </li></ul> The ITC board has accorded an in-principle approval to the demerger of hotels business, as per a company filing on the exchanges. The leading conglomerate on Monday said it will demerge its hotel business by incorporating wholly-owned subsidiary ITC Hotels Ltd. "The Board of Directors of ITC Ltd at its meeting held on July 24, 2023, evaluated and discussed various alternative structures for the Hotels Business. After due consideration, the Board accorded its in-principle approval to the demerger of Hotels Business under a scheme of arrangement," the company said in a regulatory filing. The ITC stock fell from its intraday opening of Rs 490 per share to Rs 470 per share after this news broke and at the time of publishing the copy is trading 2.5% in the red. The stock has seen an amazing bull run in the past few months and it is still up 7% this month and has rallied 40% in the past six. The ITC board has also approved the incorporation of the wholly-owned subsidiary ITC Hotels Ltd, which will handle its hotels and hospitality business, it added. "... with the company holding a stake of about 40% in the new entity and the balance shareholding of about 60% to be held directly by the company's shareholders proportionate to their shareholding in the company," it added. The scheme of arrangement shall be placed for approval of the board at its next meeting to be convened on August 14, 2023. "The proposed reorganisation would ensure continued interest of the company in the hospitality business, provide long-term stability and strategic support to the new entity in its pursuit of accelerating growth and sustained value creation as also enable leveraging of cross synergies between the company and the new entity," the statement read. Launched in 1975, ITC Hotels, India's premier chain of luxury hotels, has 120 hotels and 11,600 keys across 70-plus locations. (With text inputs from PTI)

ITC board gives in-principle approval to demerger of hotels business

<ul><li>The collaboration will help <keyword id="6355975" type="General" weightage="100" keywordseo="axis-bank" source="Orion">Axis Bank</keyword> bank to leverage ITCMAARS, an <keyword id="16743846" type="General" weightage="20" keywordseo="agri-tech-application" source="Orion">agri-tech application</keyword> to address the agricultural requirements of farmers. </li><li>It will allow Axis Bank to offer a wide range of products and services through its semi-urban branches. </li><li>Products that will be offered would include farmer loans and <keyword id="185013" type="General" weightage="20" keywordseo="gold-loans" source="Orion">gold loans</keyword>, among others.</li></ul>Axis Bank has tied up with <keyword id="6357073" type="General" weightage="80" keywordseo="itc" source="Orion">ITC</keyword> Limited to offer the bank’s lending products and services to farmers who are part of ITC’s agricultural ecosystem. Through this partnership, Axis Bank aims to cater to financial requirements of unserved and underserved farmers in remote regions of the country. Products that will be offered would include farmer loans and gold loans, among others. The collaboration will allow Axis Bank to leverage ITCMAARS (Meta Market for Advanced Agricultural Rural Services), which is a full-stack agri-tech application, to reach out to the farmers and address their agricultural requirements. Additionally, it will also allow Axis Bank to offer a wide range of products and services through its semi-urban branches located across 656 Indian districts. Says Munish Sharda, group executive and head, Bharat Banking, Axis Bank, ‘This partnership is in alignment with our Bank’s Bharat Banking mission of extending our reach in the remote regions and providing them with seamless customer experience. With the help of ITCMAARS strong and enduring relationship with over millions of farmers, we believe that we can make a significant contribution in uplifting financial situation of the community.” Says Rajnikant Rai, divisional chief executive, agri business division, ITC Ltd, “ITC has over the years spearheaded multi-dimensional interventions to transform the lives of farmers, powered by the ITC e-Choupal eco-system that connects with over 4 million farmers. We have now implemented ITCMAARS, a phygital ecosystem that provides a range of solutions through hyperlocal and personalised advisory, agri-inputs, financial services and market linkages. We are happy to partner with Axis Bank to extend banking solutions to the farmers we have engaged with over the years.” ITCMAARS was launched in July 2022 to provide agricultural and allied services to farmers on a digital platform. The app was launched in seven states with over 40,000 farmers grouped in 200-plus farmer produce organisations (FPOs) under four value chains- wheat, paddy, soya and chilli. Going ahead, the group wants to take it to 4,000 FPOs and 10 million farmers. Through this initiative, Axis Bank aims to further scale up its Bharat Banking strategy by increasing the new-to-bank accounts in FY23. As on December 31st, 2022, its rural advances grew by 27% year-on-year (YoY), disbursements increased by 12% YoY and deposits grew by 16% YoY. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/this-startup-founder-who-ran-away-from-home-at-15-builds-a-100-crore-business/articleshow/98513355.cms">This startup founder who ran away from home at 15, builds a ₹100 crore business</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-continue-to-be-bearish-on-oil-gas-power-stocks-in-february-offload-equities-worth-7821-crore-in-the-two-sectors/articleshow/98511897.cms">FPIs continue to be bearish on oil &amp; gas, power stocks in February, offload equities worth ₹7,821 crore in the two sectors</a>

Axis Bank to tie up with ITC to offer rural lending products to farmers

<ul><li>The first Indian marriage on the <keyword id="11121339" type="General" weightage="100" keywordseo="metaverse" source="Orion">Metaverse</keyword> had two brand associations too. </li><li>Here's how <keyword id="3313068" type="General" weightage="20" keywordseo="wavemaker" source="Orion">Wavemaker</keyword> helped execute it. </li></ul>Abhijeet and Sansrati who tied the knot on Saturday, February 5th 2022, became India’s first couple to get married on a 3D Metaverse. The wedding took place on <keyword id="13127111" type="General" weightage="20" keywordseo="yug-metaverse" source="Orion">Yug Metaverse</keyword> (made in India metaverse platform). The association was conceptualised, organised and executed by the media agency Wavemaker India for ITC Ltd. and Matrimony.com. <div type="image" title="3D metverse wedding_Bharat Matrimony." msid="89424052" hostid="261"></div> The digital avatars of the couple had their ceremony hosted on a scenic beach side venue where the guests also joined in via their digital avatars. The wedding took place on 5th Feb 2022, 8 pm to 9 pm and coincided with the physical event held in Bhopal. Abhijeet Goel, a tech entrepreneur and Dr. Sansrati from Bhopal met each other online through a matrimonial site. They decided to tie the knot but wanted their friends and family across the globe to be a part of their big day and that’s when they thought of getting married on a virtual platform where everyone can be a part of their wedding without compromising on the safety of their guests. Utkarsh Shukla, creator of Yug Metaverse explains, “Metaverse is a new concept and its adoption is still at an early stage worldwide. We wanted India to lead and be at the forefront of this technology revolution, and hence we built a Metaverse Platform, YUG, in India. The team is excited to explore the possibilities that emerging technologies like metaverse, blockchain &amp; cryptocurrency will open up in future”. Wavemaker, part of GroupM played an instrumental role in crafting partnerships with two major brands – ITC Ltd. and Matrimony.com for this first-of-its-kind 3D wedding on Metaverse platform. Talking about this industry first event, Ajay Gupte, CEO – South Asia, Wavemaker said, “Marketing on Metaverse platform is the next wave in digital marketing. At Wavemaker, we have always aimed to positively provoke our clients and create industry-first innovative work for our brands. We have built an in-house team of experts to help our clients navigate better in this domain and find the right fit to associate with metaverse events. Metaverse is still at its nascent stage and offers us huge opportunity to shape the platform that we really believe in. This is the future of consumer experience and we are all excited to ride this wave.” Talking about the 3D wedding, Arjun Bhatia, Chief Marketing Officer at Matrimony.com said, “As company, Matrimony.com, has been in the forefront of providing rich and transformative experiences for customers in the real world, through constant innovation over the last 22 years. We feel excited about collaborating in a virtual world wedding experiment that opens up immense possibilities of engagement and immersion at YUG metaverse.” Metaverse is a kind of virtual world where people can enter the digital world through virtual identity. In this virtual space, people also get a chance to hang out, shop, and meet friends. Fabelle, the premium luxury chocolate brand from the house of ITC, partnered with this epic event as gifting partner. “At Fabelle we believe in making occasions memorable and experiences unforgettable with our range of luxury chocolates. Metaverse is taking the digital experiences of consumers to the next upgraded version. Fabelle is pleased to be a part of this path breaking wedding concept in the Yug metaverse and making the milestone memorable for the couple”, said Anuj Kumar Rustagi , COO Chocolates, Confectionery, Coffee &amp; New Businesses, ITC Ltd Foods Division. Abhijeet and Sansrati created a scenic beach side wedding environment which could be accessed via Yug platform. The wedding had more than 500 registrations for the wedding. Users could change their avatars, walk through the event and enjoy the dancing floor too. “Metaverses like Yug are a logical evolution of the current 2D Internet to an Immersive 3D Experience akin to the real world. It holds a lot of potential for the future and is progressively on the path of blurring the boundaries between the physical and virtual world. Yug is an open platform where people can create their own experiences like Marriages, virtual events, exhibitions, friends hangout, business meetings and conferences or enjoy experiences created by others. We believe that by making the platform decentralised, it will transform various fields like education, business, commerce and entertainment.” said Shashank, from Yug.

India's first Metaverse wedding had 500 guests, and two brand associations, here's how it was executed

Kolkata, Feb 1 (PTI) Industries in Bengal on Tuesday lauded Union Finance Minister Nirmala Sitharaman for presenting a growth-oriented Union Budget and hoped that it would go a long way in fulfilling people's aspirations. City-based diversified conglomerate ITC Ltd said that the "visionary" budget has looked into issues of concern. "The path-breaking measures address key issues of livelihood generation, enhancing farmers' income and building climate resilience," ITC chairman Sanjiv Puri stated. Taranjit Singh, the managing Director of JIS Group, said the government has "ushered in a new era" by focusing on the ed-tech sector. He, however, pointed out that subsidising the sector was the need of the hour. "Students who do not possess laptop or smartphone or even uninterrupted Internet connection to continue their education on virtual mode will not be able to take advantage." The chambers said that they felt optimistic about the budget. Abraham Stephanos, the president of Bengal Chamber of Commerce and Industry, said, "Backed by robust revenue collection and mass vaccination drive, this budget is an exercise in continuity. It has renewed stress on infrastructure and inclusive growth. Budget 2022-23 aims at a long-term commitment towards sustainable development, riding on the pillars of Gati Shakti, inclusive development, climate action, energy transition, exports push and digital economy." In a similar vein, Indian Chamber of Commerce president Pradeep Sureka maintained that the budget was a "growth-centric" one, something that the industries needed for fast recovery of their respective businesses amid the COVID-19 pandemic. Bharat Chamber president Ramesh Kumar Saraogi said, "Extension of credit facilitation for MSMEs and concessional income tax for start-ups and new industries, and help for revitalisation of hospitality, travel and tourism and related sectors are laudable proposals." Asserting that the budget focuses on "sharp rebound and recovery of the economy", Rishabh C Kothari, the chief of Merchants' Chamber of Commerce, stated that it has "identified the seven engines of growth -- roads, railways, airports, ports, mass transport, waterways and logistics infrastructure -- as key areas" that needed attention. Sitharaman on Tuesday unveiled a Rs 39.45-lakh-crore Budget, with higher spending on highways to affordable housing, seeking to fire up the key engines of the economy. According to Berger Paints MD Abhijit Roy, a lot of emphasis has been placed on capital expenditure which augurs well for the growth of the economy and job creation, especially in the medium to long term. "The focus on green, environment-friendly, sustainable as well as digital technologies should also to be appreciated," he added. Congratulating Sitharaman on the initiatives she has taken, Aditya Agarwal, the director of Emami Group,, however, noted, "We would expect the government to reinstate the import duty difference between refined palm oil and crude palm oil back to 11 per cent from the current 5.5 per cent to keep the domestic industry viable. Further, in the time of sustainable and recycled products, imposing import duty on waste paper needs review." PTI BSM DC RMS RMS

Bengal Inc lauds growth-oriented Budget

Multi-business company <keyword id="6357073" type="General" weightage="20" keywordseo="itc" source="Orion">ITC</keyword> Ltd on Tuesday said it has commissioned a 14.9 MW <keyword id="59444" type="General" weightage="20" keywordseo="solar-power-plant" source="Orion">solar power plant</keyword> in Dindigul, <keyword id="20154" type="General" weightage="20" keywordseo="Tamil-nadu" source="Orion">Tamil Nadu</keyword>. According to the company, the 14.9 MW <keyword id="70990" type="General" weightage="20" keywordseo="solar-power" source="Orion">solar power</keyword> plant was built at an outlay of Rs 76 crore thereby meeting 90 per cent of the company's power needs in Tamil Nadu from renewable sources. ITC plans to meet 100 per cent of the entire grid electricity requirements from renewable sources by 2030 and contribute meaningfully to combat the threat of climate change, the company said. Spread over 59 acres, the Dindigul solar plant will generate over 22 million units of renewable energy annually for ITC's hotels, food manufacturing plants, paper manufacturing facility, and printing and packaging factories in Tamil Nadu. "At ITC, we have relentlessly pursued a mission for environmental stewardship through a gamut of large-scale endeavours that comprehensively address the threat of climate change. Our large-scale investments in renewable energy assets are an integral part of our low carbon strategy aimed at making a meaningful contribution to a net zero economy," Sanjiv Rangrass, Group Head - ITC Life Sciences &amp; Technology, Central Projects, EHS &amp; Quality Assurance said. ITC's renewable portfolio comprises 138 MW of wind power plants and 14 MW of solar plants with 53MW of additional solar capacity under execution. Currently, projects are also underway in other sources of renewable energy like biomass boilers. The company has made investments of over Rs 1,000 crore in renewable energy assets to date. Renewable energy powers 20 factories, nine hotels, and six office buildings of ITC in Telangana, Tamil Nadu, Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Delhi, Bihar, Haryana, West Bengal, and Punjab. In 2018, ITC became the first private sector entity to wheel renewable energy across states through the Inter-State Open Access mechanism. Currently, ITC's 46MW Wind power plant in Andhra Pradesh supplies power to over 15 ITC establishments in eight states. This has led to a higher renewable energy utilisation for the company. Besides investing in new renewable energy assets, ITC, as part of its Sustainability 2.0 agenda aims to achieve a 50 per cent reduction in specific emissions and a 30 per cent reduction in specific energy consumption by 2030 over a 2014-15 baseline. Such efforts in decarbonising energy consumption through low-carbon energy solutions will be met through large-scale digitalisation and R&amp;D initiatives, cross-sectoral collaborations, and partnerships. ITC is an exemplar in environment stewardship. The Company was recently rated at the 'Leadership Level' with scores of 'A-' for both Climate Change and Water Security by CDP, one of the most reputed independent global platforms for disclosures on environmental impacts. SEE ALSO <a href="https://www.businessinsider.in/finance/banks/news/rbl-bank-depositors-need-not-worry-assures-rbi/articleshow/88520325.cms" style="">RBL Bank depositors need not worry, assures RBI</a> <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-slumps-15-after-ceo-goes-on-leave-big-investors-are-eyeing-a-piece-of-the-pie/articleshow/88515146.cms" style="">RBL Bank slumps 20% after CEO goes on leave</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

90% of ITC's power needs in Tamil Nadu will be met through solar energy

New Delhi, May 29 () Multinational Conglomerate ITC Ltd's hospitality arm ITC Hotels on Friday announced to partner online food delivery platform Swiggy to deliver its food delicacies at customers' doorsteps amid the COVID-19 pandemic. The move would enable ITC Hotels' customers to enjoy their pre-paid orders with 'no-contact' deliveries and have unique food experiences with local offerings from the regions at their home, said a joint statement. This would be implemented into phases across India and deliveries from properties such as ITC Maurya (New Delhi), ITC Royal Bengal (Kolkata), ITC Grand Chola (Chennai), ITC Gardenia (Bengaluru), ITC Windsor (Bengaluru), ITC Kohenur (Hyderabad), ITC Rajputana (Jaipur), ITC Grand Goa (Goa) and Welcomhotel Bengaluru would be commenced in the phase one. While, under the second phase more ITC Hotels and Welcomhotel properties will be added to the Swiggy home delivery initiative, it added. Commenting on the development, ITC Hotels COO Anil Chadha said: "We are re-engineering our guest experiences with zero/low associate engagement (including digital ordering and e-payment solutions). The partnership with Swiggy will assist us in responsibly delivering our unique culinary experiences using their advanced distribution network. Together we are committed to delivering a responsible guest experience." Swiggy COO Vivek Sunder said: "Through our partnership with ITC Hotels, customers can now indulge in curated gourmet dishes from popular restaurants of the ITC Hotels chain across India through the Swiggy app. We look forward to creating unique dining experiences for customers while helping them celebrate special occasions at the comfort of their homes." Earlier other luxury star hotels such as Marriott, Hilton have piggybacked on food ordering and delivery platforms such as Zomato, Swiggy to reach customers during the lockdown and the people are expected to avoid crowded places as restaurants in the initial phases. "It may be recalled that ITC Hotels had tapped into the food and beverage take-away model across the country recently and received overwhelming feedback from diners for the "Flavours" takeaway (and home delivery) dining experience. The association with Swiggy endeavours to reach a much larger customer base," said ITC Hotels. Launched in 1975, ITC Hotels is a premier chain of luxury hotels. It operates more than 100 hotels in over 70 destinations. KRH MKJ

ITC Hotels partners Swiggy to deliver food delicacies at customers' doorsteps

New Delhi, Feb 1 () The Finance Minister's focus to provide impetus to the travel and tourism sector along with development of transportation infrastructure will accelerate the sector's contribution towards country's economy, according to industry players.
 "Increased allocation of funds for the Ministry of Tourism and Ministry of Culture, development of financial roadmaps for tourist destinations and plans to assign specified grants for states will go a long way in accelerating the contribution of the sector towards India's economy," MakeMyTrip Co-founder and CEO-India Rajesh Magow said.
 Presenting the Budget for 2020-21, Finance Minister Nirmala Sitharaman on Saturday said Rs 3,150 crore has been allocated for the Ministry of Culture and Rs 2,500 crore for the Ministry of Tourism.
 "Additionally, development of five iconic archeological sites across Haryana, Uttar Pradesh, Assam, Gujarat and Tamil Nadu comes as a strategic step towards boosting domestic and inbound heritage tourism to these states," Magow said.
 According to Thomas Cook India Chairman and MD Madhavan Menon said, "... an Indian Institute of Heritage and Conservation will be set up with the status of a deemed university, and this is an imperative towards education and skill development of our sector that contributes a significant 10 per cent to India's GDP".
 The Union Budget intended to give impetus to the Travel and Tourism sector with the allocation of Rs 2,500 crore and equally critical allocation of Rs 1.7 lakh crore towards transportation infrastructure in 2020-21, he added.
 In similar vein, ITC Ltd Executive Director and Chairman-FAITH Nakul Anand said "the allocation to develop 100 new airports by 2024 and the soon to be introduced Tejas trains for iconic destinations are advancements in modern infrastructure that augur well for Indian tourism."
 InterGlobe Hotels President and CEO J B Singh said, "we are hoping that this budget will help in creating and developing new and iconic destinations, thereby redefining the tourism industry, for the better and further improve spending, domestic travel and all this will have great long term benefits for the economy".
 Stating that the vision of government to invest in the tourism sector will be a great push for the hospitality sector, Apeejay Surrendra Park Hotels MD Vijay Dewan said: "India's heritage and culture rich experiences have always attracted tourists to the country and government's plan to develop five archaeological sites at iconic sites with on-site museums will attract more tourists from India and globally."
 Sterling Holidays CMD Ramesh Ramanathan said: "We are pleased with the proposed budget, as it will play a pivotal role in the hospitality and domestic tourism sector, and will have a multiplier effect across the board."
 Travel Food Services COO and Business Head Gaurav Dewan said: "The government's focus on development is clear and reinforced with the allocation of additional funds to the Airport, Railway and the Highway sectors."
 This will boost business and leisure travel thereby generating employment, connectivity and overall economic development of catchment areas, he added.
 "The government's push for infrastructure development by building more airports and the announcement of new Tejas trains will boost tourism outside the main centers. This, in turn, will have a positive impact on the hotel sector," Cygnett Hotels and Resorts Founder and MD Sarbendra Sarkar said.
 It is heartening to see a budget that focuses on improving standards of living as well as economic development, OYO, India South Asia CEO Rohit Kapoor said. AKT DRR

Govt's focus on providing impetus to travel, tourism sector positive move: Industry

<ul><li>The shares of the $33 billion tobacco to atta to hotels giant have rallied nearly 25% in the past one month.</li><li>While the stock has been at the receiving end of severe criticism by Indian Twitterati, it has performed better than some of the heroes like Britannia and Marico.</li><li>Those buying the ITC stock are primarily betting that with a COVID vaccine closer than ever before, the economy will be back on track, people will consume more, travel more, and the hotels will be back in business too.</li><li><a href="https://www.businessinsider.in/" data-type="tilCustomLink">Check out the latest news and updates on Business Insider. </a></li></ul>When ITC fell from ₹204 to ₹163 a share between August and October, it was Indian Twitter’s favourite punching bag. But now, in the last one month it has bounced back by as much as 25%, adding nearly ₹51,000 crore to investors’ wealth in just the last 30 days, better than some of the street’s heroes like Britannia or Marico. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stocks </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth since October 30 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Marico Limited </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dabur India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC Ltd </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr></tbody></table> Meanwhile, the Twitterati had a great time mocking the ₹2.5 lakh crore ($33 billion) giant that generates nearly $2 billion in cash every year, mostly from the tobacco business⁠, which also makes four out of every five rupees in the company’s operating profit. <div type="twitter" handle="StopLossLagaKe" handlename="Dalal Street Memes" image="http://pbs.twimg.com/profile_images/1331296079971713024/TLMJyUfa_normal.jpg" favoritecount="20" retweetcount="0" status="#Airtel &amp; #ITC investors looking at #IPO Listing gains.... https://t.co/q2XQ2PPZQc" createdat="1600664707000" id="1307908696895184906"></div> <div type="twitter" handle="someone_generic" handlename="Someone Generic" image="http://pbs.twimg.com/profile_images/1268240796563632128/ujQvOkOn_normal.jpg" favoritecount="15" retweetcount="0" status="@dmuthuk Agreed. I have ITC as a sizable part of my portfolio. To me it's a profitable tobacco company (cash cow) w… https://t.co/FRJEl9NKXZ" createdat="1602343966000" id="1314952020059516929"></div> <div type="twitter" handle="conscious_tradr" handlename="The Conscious Trade₹" image="http://pbs.twimg.com/profile_images/1317151102249234432/tnWIRIyg_normal.jpg" favoritecount="13" retweetcount="2" status="Batao hai himmat hold krne ka ITC ko 😂😂😂#MEMES #itc #itcindia https://t.co/SAcF5q0mZh" createdat="1600793211000" id="1308447682587799552"></div> ITC is the biggest cigarette maker in the country, and the sixth largest in the world. But when data, as of September 2020, showed that the revenue from cigarettes fell 3.9%, the street couldn’t take it and battered the stock. The contribution from the hotels fell to just 1% though it wasn’t a surprise given the ongoing pandemic. Basically, only about a third of its business, mostly the fast moving consumer goods (FMCG) segment, showed a silver lining with a 15% growth compared to a year earlier. <div type="image" title="ITC portfolio (1)" msid="79641521" hostid="261"></div> However, when the trolls got bored of all the heckling, the 110-year old giant bounced back. There were many factors fuelling the rebound but the biggest contributor was the progress in vaccine development in different parts of the world and the hope it generated. <div type="image" title="ITC Share price" msid="79641530" hostid="261"></div> Those buying the ITC stock are primarily betting that with a COVID vaccine closer than ever before, the economy will be back on track, people will consume more, travel more, and the hotels will be back in business, which used to contribute about 4% of the revenue before the pandemic took the wheels off. CLSA, a multinational research and broking firm, while upgrading its recommendation from ‘neutral’ to ‘outperform’ said that ITC may clock “an acceptable margin” of 9% in FY21 and other brokerages feel that it may scale up to 12% margin in the next five years. Some of the target price for the stock, in the next one year, imply another rally as high as 25% over and above the spectacular run in the last few weeks. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 255 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Suisse </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹255 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹200 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ShareKhan </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹250 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities Limited </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹225 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang Institutional </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹215 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Direct </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹215 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit BNP Paribas </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Buy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹217 </td></tr></tbody></table> What about cigarettes? The share of cigarettes as a share of ITC’s revenue has been falling for at least the last five years, and it has been a conscious choice on the part of the management. In all the trolling and selling, the street forgot that this vertical of ITC is a cash cow unmatched in its yield in corporate India. While it may still see a decline in the number of sticks sold, and there is a fear that the government may further discourage smokers with tax hikes on cigarettes, it is still a thriving business. According to CLSA, at the current price, the tobacco segment of ITC is valued ten times its one-year forward earnings i.e. a price-to-earnings ratio of 10. What is a P/E ratio? Price-to-earnings (P/E) ratio is a metric used to value businesses and it shows how much an investor is willing to pay for a share in future profit. It rises when the profits are more certain and are likely to be high. Higher the P/E ratio, more value the company. It is usually very high, sometimes as high as 60, for consumption giants like Hindustan Unilever or Nestle. So, for ITC’s cigarette business, an investor is willing to pay ₹10 now for every rupee earned in profit a year down the line. And that is too small a price to pay, according to CLSA, and therefore the stock price is likely to gain as the fears recede. Most of ITC’s business is dependent on consumers feeling confident enough to spend. The recent rebound in the share price is a reflection of the market’s hope that the economy will improve and ITC, too, will gain from it. SEE ALSO: <a href="https://www.businessinsider.in/india/news/farmers-protest-talks-between-amit-shah-and-farmer-leaders-fail-sixth-round-of-talks-uncertain/articleshow/79635770.cms" data-type="tilCustomLink">Farmers' protest: Talks between Amit Shah and farmer leaders fail — sixth round of talks uncertain</a> <a href="https://www.businessinsider.in/finance/banks/news/supreme-court-told-that-blanket-waiver-of-moratorium-loans-would-take-6-lakh-crore-and-wipe-out-the-net-worth-of-banks/articleshow/79636002.cms" data-type="tilCustomLink">Supreme Court told that blanket waiver of moratorium loans would take ₹6 lakh crore and wipe out the net worth of banks</a>

The $33 billion ITC, one of India’s most-trolled stock in recent weeks, seems to have turned a corner

ITC's instant noodles brand <a href="http://www.businessinsider.in/searchresult.cms?query=Sunfeast+YiPPee">Yippee</a> has made the most out of the controversy that hit <a href="http://www.businessinsider.in/searchresult.cms?query=Nestle">Nestle</a>'s <a href="http://www.businessinsider.in/searchresult.cms?query=Maggi">Maggi</a>. It will soon become a Rs 1,000 Crore brand. 
 
"<a href="http://www.businessinsider.in/searchresult.cms?query=Sunfeast+YiPPee">Sunfeast YiPPee</a>! as a brand is now in its fifth year post the national rollout... We are proud to say that Yippee Noodles is poised to enter the Rs 1,000 crore club in the ITC Foods stable," ITC Ltd Divisional Chief Executive, Foods Division V L Rajesh told PTI. 
 
Explaining <a href="http://www.businessinsider.in/searchresult.cms?query=Sunfeast+YiPPee">Yippee</a>'s growth pre- and post-<a href="http://www.businessinsider.in/searchresult.cms?query=Maggi">Maggi</a> ban, rajesh said it was "growing at more than 40% before the controversy broke out..., with all the competitors in the market". 
 
"The controversy and confusion that prevailed adversely affected the whole industry. However, with our proactive inputs and innovative campaigns, we were the fastest to recover and then exceed our old sales levels," Rajesh added. 
 
The company's campaigns had focused on "world-class product and manufacturing processes", he said. 
 
Image credit: Indiatimes

ITC's Yippee cashes into Maggi controversy, nearing Rs
1,000-crore mark

<a href="http://www.businessinsider.in/searchresult.cms?query=%E2%80%8BKOTAK+BANK">KOTAK BANK</a> LTD.: The private lender surged 4.2 percent to 691.50 rupees after second quarter net profit rose to 569.5 crore rupees versus 444.5 crore rupees in the year ago quarter. Unlike its larger peer Axis Bank, Kotak did not report higher sales of potentially non performing loans to asset reconstruction companies, prompting a sharp spike in its share price. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=NTPC">NTPC</a> LTD.: India's top power generator surged 5.2 percent to 134.50 rupees and became the top gainer on the <keyword id="6354813" type="COMPANY" weightage="80" keywordseo="nifty">Nifty</keyword> after second quarter net profit jumped 40 percent to 2,898 crore rupees. NTPC added four units of 200 MW each to its overall capacity in the past quarter, boosting both profit and sales. 
 
GLENMARK PHARMACEUTICALS LTD.: The drugs major jumped 6.1 percent to 1,001 rupees after second quarter earnings after tax gained 20 percent to 198 crore rupeees. Sales grew 13.6 percent to 1,909 crore rupees 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=ITC">ITC</a> LTD.: India's top cigarette maker and hotels conglomerate plunged 4.7 percent to 333.40 rupees after second quarter net profit remained flat at 2,431 crore rupees compared with 2,425 crore rupees in the year ago quarter. Total income slipped to 9,303 crore rupees. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=MRPL">MRPL</a> LTD. The mid-sized refining giant fell 2.8 percent to 55 rupees after it reported a second quarter net loss of 910 crore rupees versus a loss of 950 crore rupees in the year ago quarter. 
 
Image credit: Indiatimes

Here are the Top Winners at the Markets today

“I want to be my own boss” is a thought that has definitely crossed the minds of most corporate managers at some time in their careers. When you look at all the work you put in at work, working 12 hour days, the thought of doing all this work for yourself would definitely have crossed your mind. Over the years, younger managers have also started to get attracted to the excitement and opportunities of the world of <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword>. 
 
This thought had often crossed my mind as well before I set out on my own and founded Guardian Pharmacy in India. 
 
It was in 2003 when I was 46 years old that I took the decision of quitting the corporate world after 25 years and take the plunge into the world of entrepreneurship. I had worked for ITC Ltd for 17 years and then in the world of aerospace for 8 years before I quit. Everyone thought that I had taken leave of my senses when I walked out of a high paying high profile job. I was convinced that I was taking the right step. 
 
Yet most people hesitate to take this giant step of becoming an entrepreneur for one reason or another. Giving up what one has today, including a regular monthly pay cheque and the perquisites that come with the job to pursue a “dream” definitely appears to be an intimidating challenge for anyone who is contemplating changing his status quo. On the other hand, for people who have made this change, the realisation is why they took so long to take this step! 
 
Most people have a great idea in their minds. Once you have crystallised your thoughts and decided to take the plunge, here are some thoughts from my own learnings. 
 
It is never too late or too early to make a start. 
 
Getting over one’s own fears and anxieties is possibly the biggest challenge that you will face. There is no right or wrong age when you can start a business. Remember that Colonel Sanders of KFC took the plunge when he was sixty five! 
 
Ensure that you have the support of your family 
 
Your family will be the biggest stakeholder in your decision. You will invest not only the resources of your family but also most of your time, a large part of which also belongs to your family. Ensuring support from one’s family helps every entrepreneur to take the plunge faster. If the home front is solidly behind the venture then the entrepreneur can press ahead to tackle the challenges with renewed vigour. 
 
Be prepared for a complete lifestyle change 
 
An entrepreneur’s job is a lonely one. Days will blend into nights and weekdays into weekends. No job will be too small or big and what you take for granted as a corporate manager will be a challenge you will have to address personally. No question of asking someone why the lights are not switched off or why the coffee machine is not working or why the toilets have not been cleaned. Yet, the fruits of your efforts will be visible at the end of each day. 
 
Find out what is your calling and stay the course 
 
Once you have made up your mind on what you want to do, take a plunge with 100% commitment. Write out a realistic business plan for yourself. Part time entrepreneurial ventures have never succeeded. Invest in your own dream and not the dreams of others. 
 
Once you have started your journey, you will be confronted with challenges that you would never have imagined. Yet, no challenge will be insurmountable. Many ventures with high potential have failed because their promoter gave up when he was so close to seeing success. Many others have failed because the promoter started out with an outstanding idea but changed course based on a new whim. 
 
The new buzzword in the Startup business is “pivoting” – if the business is not working, start doing something else. As a Startup Entrepreneur, you have definitely not reached the stage of pivoting. 
 
Funds will be a challenge when you start. 
 
A family investing its savings into a business is a strong message of confidence for any banker or private equity investor. Manage cash very carefully. 
 
Costs have a habit of running out of control and revenues will generally lag behind what you may have planned for when you wrote out your first budget. As long as you are doing what you had thought you had set out to do, you will start to see light at the end of the tunnel, sooner than later. 
 
Getting a strong management team and empowering them is essential. 
 
Finding the right talent for a startup and empowering your management teams for success will be a challenge. Good professional managers will not agree to join a startup easily. At the same time, you, as the startup entrepreneur will not be able to afford such high cost managers. Therefore, it is necessary to draw upon skills of friends and family and part time managers to start any new enterprise. The promoter is also human and will make a lot of mistakes. This is when a good management team comes in and takes charge. 
 
The going will be very tough and challenging for the first few years and very often I did sit back and think whether I had taken the right decision. However, looking back, I don’t think there could be any other path I would have wanted to take. Remember the fruits of all the hard work will be very sweet though you may have to wait for a long time for these fruits. 
 
If becoming your own boss is your dream, there is no date as good as today to make a beginning. 
 
In conclusion, this quote from Colonel Sanders says it all. "Believe. Dream. Try. Succeed. Age, No bar!" 
 
 
(The author is the founder Chairman of Guardian Pharmacies and the author of 5 best-selling books, Reboot. Reinvent. Rewire: Managing Retirement in the 21st Century; The Corner Office; An Eye for an Eye; The Buck Stops Here - Learnings of a #Startup Entrepreneur and The Buck Stops Here – My Journey from a Manager to an Entrepreneur.) 
 
(Image: Thinkstock)

You Searched For "ITC Ltd" and got 15 results

ITC Q1 2023-24 net profit rises 16% to Rs 5,180.12 cr

PTI

ITC Q4 net profit rises 22.66% to ₹5,225 crore

PTI

ITC Q3 net profit rises 6.5% to ₹5,400.52 crore; revenue up 2.43%

PTI

ITC Q2 net profit rises 6.1% to Rs 4,955.90 crore

PTI

ITC board gives in-principle approval to demerger of hotels business

BI India Bureau

Axis Bank to tie up with ITC to offer rural lending products to farmers

Anagh Pal

India's first Metaverse wedding had 500 guests, and two brand associations, here's how it was executed

BI India Partner

Bengal Inc lauds growth-oriented Budget

PTI

90% of ITC's power needs in Tamil Nadu will be met through solar energy

IANS

ITC Hotels partners Swiggy to deliver food delicacies at customers' doorsteps

PTI

Govt's focus on providing impetus to travel, tourism sector positive move: Industry

PTI

The $33 billion ITC, one of India’s most-trolled stock in recent weeks, seems to have turned a corner

Sriram Iyer

ITC's Yippee cashes into Maggi controversy, nearing Rs 1,000-crore mark

BI India Bureau

Here are the Top Winners at the Markets today

Shailendra Bhatnagar

So you want to be your own boss!

Ashutosh Garg