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Skipper <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword>, star <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> batter <keyword id="19907934" type="General" weightage="20" keywordseo="Virat-Kohli" source="keywords">Virat Kohli</keyword>, who bid adieu to T20I cricket in style with a <keyword id="19921630" type="General" weightage="100" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> title win and head coach <keyword id="19923639" type="General" weightage="20" keywordseo="Rahul-Dravid" source="keywords">Rahul Dravid</keyword> cut a special <keyword id="19974217" type="General" weightage="20" keywordseo="cake" source="keywords">cake</keyword> at ITC Maurya in Delhi on Thursday to celebrate their team's <keyword id="19915129" type="General" weightage="20" keywordseo="triumph" source="keywords">triumph</keyword> and end of 11-year-long trophy drought. The ICC T20 World Cup-winning Indian team touched down in Delhi on Thursday to a warm welcome from the fans awaiting the sight of their favourite heroes and sight of the silverware. The squad members, support staff, their families and media were stuck in Barbados, which was hit by Hurricane Beryl, at that stage a category four hurricane that passed through Barbados, with Grantley Adams International Airport in Bridgetown shut for three days. The flight was organised by the Board of Control for Cricket in India (BCCI) secretary Jay Shah and departed on July 2 before arriving in Delhi at around 6:00 AM on Thursday morning. Board officials and members of the media contingent from the tournament were also on the flight. India ended a 11-year ICC trophy drought with victory in the final, defeating South Africa by seven runs on Saturday. Virat Kohli's 76 helped India reach 176/7 while <keyword id="19906064" type="General" weightage="20" keywordseo="hardik-pandya" source="keywords">Hardik Pandya</keyword> (3/20) and Jasprit Bumrah (2/18) helped India restrict Proteas to 169/8 despite Heinrich Klaasen's 52 in just 27 balls. Bumrah, who got 15 scalps throughout the tournament at a stunning economy rate of 4.17, got the 'Player of the Tournament' honours. From the airport, <keyword id="20015089" type="General" weightage="20" keywordseo="Team-India" source="keywords">Team India</keyword> reached the ITC Maurya hotel, where they stayed before their meeting with Prime Minister Narendra Modi. Notably, Virat, Rohit, Hardik, head coach Rahul Dravid and the Board of Control for Cricket in India (BCCI) president Roger Binny were spotted at the hotel. A special cake featuring the T20 World Cup trophy was cut at the hotel to celebrate the win. Rohit, Virat, Dravid and all-rounder Hardik Pandya were among the stars who took part in the cake-cutting. The cake featured the trophy and some pictures of Indian stars. Much like other teams do after winning titles, the Rohit-led side will have an open-top bus ride in Mumbai at Marine Drive and the iconic Wankhede Stadium from 5:00 pm onwards to celebrate. After their meeting with PM Modi, Men in Blue will depart for Mumbai for the grand celebratory parade.

Team India stars cut special trophy cake to celebrate T20 World Cup triumph

<keyword id="6357073" type="DOMAIN" weightage="20" keywordseo="ITC">ITC</keyword> Limited has informed the <keyword id="6402868" type="COMPANY" weightage="20" keywordseo="stock-exchanges">stock exchanges</keyword> that news with regard to a potential demerger of the company is "speculative in nature". "We write to advise that the news item under reference is speculative in nature," the ITC said in a filing with reference to the news item in a TV channel. "We draw your attention that if and when there is any material development with respect to the affairs of the Company, the Stock Exchanges are kept advised, pursuant to <keyword id="163506" type="ORGANIZATION" weightage="20" keywordseo="regulation">Regulation</keyword> 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the Company's Policy for determination of materiality of events and information for disclosure to the Stock Exchanges," the ITC said. As per reports, ITC is readying a demerger plan with a big unlocking of value for shareholders. After ITC Demerger, there would emerge as many as three companies namely hotels, <keyword id="34523" type="COMPANY" weightage="20" keywordseo="fmcg">FMCG</keyword> and <keyword id="35554" type="COMPANY" weightage="20" keywordseo="infotech">infotech</keyword>, as per reports. The Board Meet of ITC will happen in April where the management will discuss the demerger. This is a long term process and the company has been working on it since long and now seems that it is in the final stages of getting demerged, the report said. Investment Bankers have also started working on demerger. Paper, <keyword id="62486" type="LOCATION" weightage="20" keywordseo="Textiles">Textiles</keyword>, Cigarettes and other FMCG companies will be a flagship company and other two businesses, hotels and Infotech, will be separate businesses, the reports said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-future-group-appeals-to-the-singapore-arbitrator-to-exclude-future-retail-from-the-fight-with-amazon/articleshow/81562016.cms">Ahead of Delhi High Court's decision, Future Group appeals to the Singapore arbitrator to exclude Future Retail from the fight with Amazon</a> <a href="https://www.businessinsider.in/business/startups/news/indian-spacetech-startup-pixxel-space-gets-7-3-million-funding-before-the-launch-of-its-first-satellite/articleshow/81562421.cms">Indian spacetech startup Pixxel gets $7.3 million in funding as it announces a new product even before the launch of its first satellite</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-adds-3-times-more-subscribers-than-reliance-jio-vodafone-idea-turns-positive-for-the-first-time-in-15-months/articleshow/81562851.cms">Airtel adds 3 times more subscribers than Jio while Vodafone Idea gets net addition first time in 15 months</a>

ITC  inform stock exchanges that reports of demerger are 'speculative'

Commending taxmen for the enforcement measures in dealing with GST fraud, <keyword id="25455" type="COMPANY" weightage="20" keywordseo="finance">Finance</keyword> Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Thursday said the enhanced revenue collection in the recent months should now be the "new normal". In a message to tax officers on the fourth anniversary of historic tax reform GST, she said in the last four years the taxpayer base has almost doubled from 66.25 lakh to 1.28 crore. She said for eight months in a row, GST revenues have crossed ₹1 lakh crore mark and we have seen record GST revenue collection of ₹1.41 lakh crore in April 2021. "Commendable work has been done in the year gone by both in the area of facilitation and enforcement with numerous cases of fraudulent dealers and <keyword id="6357073" type="COMPANY" weightage="20" keywordseo="ITC">ITC</keyword> being registered. The enhanced revenue collection in recent months should now be the 'new normal'," Sitharaman said. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out on July 1, 2017. Expressing satisfaction on overcoming most of the GST implementation challenges, including two waves of the COVID-19 pandemic, the minister also thanked taxpayers for their support in making the goods and services tax (GST) a reality. "Its positive externalities such as unified market, removal of cascading and imp[roved competitiveness of goods and services has helped spur economic growth taking us further on the path to prosperity," she said while commending both the central and state tax officers for making GST a success. Central Board of Indirect Taxes and Customs (CBIC) will be issuing certificate of appreciation to 54,439 GST payers for timely filing of returns and cash payment of GST in the last four years. More than 88 per cent of these taxpayers are from micro, small and medium enterprises. She said any reform of this scale, in a large and diverse country like <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>, can be highly challenging. "The <keyword id="6355040" type="COMPANY" weightage="20" keywordseo="GST-Council">GST Council</keyword> has shown immense sagacity and wisdom in redressing legitimate concerns of taxpayers and citizens by course correction whenever needed. This has manifested itself not just in measures to ease the compliance burden on taxpayers, especially MSMEs, but also reducing the tax burden on the common man," Sitharaman added. Under GST, businesses with an annual turnover of up to ₹40 lakh are exempt from GST. Additionally, those with a turnover up to ₹1.5 crore can opt for the Composition Scheme and pay only 1 per cent tax. For services, businesses with turnover up to ₹20 lakh in a year are GST exempt. A service provider having turnover up to ₹50 lakh in a year can opt for composition scheme for services and pay only 6 per cent tax. Under GST a four-rate structure that exempts or imposes a low rate of tax 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. GST also represents an unprecedented exercise in fiscal federalism. The GST Council, that brings together the central and state governments, has met 44 times to thrash out how the tax will work. SEE ALSO:

Enhanced GST revenue collections should now be 'new normal', says Finance Minister Nirmala Sitharaman

<ul><li>The SGX Nifty was trading 0.24% lower at 7:32 am, indicating a subdued start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Despite positive cues from the western markets, the Indian equities may open on a cautious note on Friday. The SGX Nifty was trading 0.24% lower at 7:32 am, indicating a subdued start for Nifty50. The US stock markets soared on Thursday, led by a rally in tech and healthcare stocks, as the <a href="https://www.businessinsider.in/stock-market/news/dow-climbs-370-points-as-likely-divided-government-extends-healthcare-and-tech-rallies/articleshow/79065261.cms">dwindling prospects of a Democratic sweep</a> lifted sectors prone to regulation. The Dow Jones Industrial Average closed 542 points higher, and the S&amp;P 500 gained 1.9%. These are the stocks to watch out for during the trading session on November 6: Reliance Industries Limited (RIL) Mukesh Ambani-owned Reliance Industries (RIL) garnered over ₹9,555 crore from <a href="https://www.businessinsider.in/business/news/mukesh-ambani-cashes-in-yet-another-cheque-from-pif-saudi-arabia-sovereign-fund-to-invest-1-3-billion-in-reliance-retail/articleshow/79061345.cms">Saudi Arabia Public Investment Fund</a> for a 2.04% stake in Reliance Retail Ventures. The shares of RIL ended 2.28% higher on Thursday. <keyword id="45417" type="COMPANY" weightage="20" keywordseo="Adani-Power">Adani Power</keyword> Adani Power posted a good quarter. Its consolidated net profit surged manifold to ₹2,228.05 crore in the quarter ended September 30, mainly on account of improved income. The company had clocked a net profit of Rs 3.88 crore in the year-ago period. The shares of Adani Power ended 0.41% higher on Thursday. <keyword id="2834858" type="COMPANY" weightage="20" keywordseo="Minda-Corp">Minda Corp</keyword> Minda Corp will allot 1.19 crore shares on a preferential basis to PHI Capital Trust. The shares will be allotted at a price of ₹70 a piece, aggregating up to ₹83 crore. The shares of Minda Corp ended 6% higher on Thursday. <keyword id="105311" type="COMPANY" weightage="20" keywordseo="INOX-Leisure">Inox Leisure</keyword> The board of cinema hall giant Inox Leisure approved raising up to ₹250 crore via equity or other securities. The shares of Inox Leisure ended 4.5% higher on Thursday. Dalmia Bharat Cement maker Dalmia Bharat reported an over six-fold increase in its consolidated net profit at ₹232 crore for the second quarter ended September 2020, helped by higher sales volume. Its revenue from operations was up 7.78% at ₹2,410 crore during the quarter under review. The shares of Dalmia Bharat ended 6% higher on Thursday. <keyword id="82073" type="COMPANY" weightage="20" keywordseo="Berger-Paints">Berger Paints</keyword> Berger Paints India reported an increase of 13.55% in its consolidated net profit to ₹221.05 crore for the second quarter ended September 2020. Its revenue from operations was up 9% at ₹1,742.55 crore during the quarter under review. The shares of Berger Paints ended 2% higher on Thursday. Birla Corporation Birla Corporation reported an increase of 87% in its profit at ₹166.62 crore in the second quarter ended September 30. The company said that good performance had been due to cost rationalisation and recovery in demand in key markets. The shares of Birla Corporation ended 0.73% higher on Thursday. <keyword id="6357073" type="UNKNOWN" weightage="20" keywordseo="ITC">ITC</keyword>, <keyword id="6357157" type="UNKNOWN" weightage="20" keywordseo="cipla">Cipla</keyword>, Ashok Leyland, BHEL, Tata Consumer and Aditya Birla Fashion ITC, Cipla, Ashok Leyland, BHEL, Tata Consumer and Aditya Birla Fashion are slated to report their quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/heres-when-you-can-expect-more-data-from-each-state-in-the-next-few-hours/articleshow/79065787.cms" data-type="tilCustomLink">Here's when you can expect more data from each state in the next few hours</a> <a href="https://www.businessinsider.in/india/news/china-bans-entry-of-foreign-nationals-from-india-citing-spike-in-covid-19-cases/articleshow/79062691.cms" data-type="tilCustomLink">China bans entry of foreign nationals from India citing spike in COVID-19 cases</a>

Top stocks to watch — RIL, ITC, Cipla, Adani Power, Inox Leisure, Berger Paints, Minda Corp, and others

<ul><li>At 7:45 am, the SGX Nifty was up 0.11% at 8.72 points pointing towards a higher start for the Nifty50.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, on the back of positive cues from the Asian markets. At 7:45 am, the SGX Nifty was up 0.11% at 8.72 points pointing towards a higher start for the Nifty50. The Hang Seng Index was also trading 2% higher. These are the stocks to watch out for during the trading session on Monday: Reliance Industries and Future Enterprises Mukesh Ambani owned Reliance Industries on Saturday announced that it had acquired the retail, wholesale, logistics and warehousing business of Kishore Biyani’s Future Group for a lump sum aggregate consideration of ₹24,713 crore. The news may move other Future Group subsidiaries — Future Retail, Future Lifestyle Fashions and Future Consumer— shares as well. The shares of Future Enterprises ended 5% higher on Friday, whereas RIL was trading almost flat. HCL Technologies According to <a href="https://economictimes.indiatimes.com/tech/ites/hcls-us-arm-faces-patent-infringement-claim-related-to-one-of-its-software-products/articleshow/77837559.cms">news reports</a>, HCL Technologies American arm HCL America is facing a patent infringement claim related to one of its software products. The reports suggest that HCL America is due to respond to the lawsuit filed by a<a href="https://economictimes.indiatimes.com/tech/ites/hcls-us-arm-faces-patent-infringement-claim-related-to-one-of-its-software-products/articleshow/77837559.cms"> Texas-based company, Coretek Licensing, by September 28.</a> The shares of HCL Technologies ended nearly a percent lower on Friday. ITC FMCG major ITC on Friday informed stock-exchanges that it is considering merging three of its wholly-owned subsidiaries —- Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah — with the parent company. The company said its board would meet on September 4 to consider the proposal. The shares of ITC ended nearly a percent higher on Friday. Indiabulls Ventures Indiabulls Ventures on Friday told stock-exchanges that it would raise nearly ₹588 crore via share sale to a clutch of investors. In the filing, the company said it would issue 33.6 million shares, representing about 5.5% shareholding, to six investors. The shares of Indiabulls Ventures ended nearly 8% higher on Friday. RBL Bank RBL Bank in a BSE filing told investors that the Bank MD and CEO Vishwavir Ahuja sold nearly 18,92,900 shares on August 27-28 for ₹38.52 crore. The Bank said Ahuja sold his shares to service personal debt obligation and to meet some family commitments. The shares of RBL Bank ended nearly 5% higher on Friday. Inox Wind Inox Wind on Friday reported a net loss of ₹73 crore for the quarter ended June 30. The company’s revenue from operations fell to ₹97 crore from ₹260 crore in the same quarter last year. The board of Inox Wind approved raising ₹200 crore via issue of securities. The shares of Inox Wind ended nearly 4% lower on Friday. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/from-bank-of-india-and-axis-bank-to-franklin-and-kotak-mutual-fund-lenders-will-vie-for-their-pound-of-flesh-from-the-ambani-biyani-deal/articleshow/77837207.cms" data-type="tilCustomLink">From Bank of India and Axis Bank to Franklin and Kotak Mutual Fund⁠— lenders' will vie for their pound of flesh from the Ambani-Biyani deal</a> <a href="https://www.businessinsider.in/stock-market/news/a-wall-street-chief-strategist-details-4-reasons-why-big-company-profits-have-been-remarkably-resilient-during-the-pandemic-and-explains-how-thats-helped-the-red-hot-stock-rally/articleshow/77836330.cms" data-type="tilCustomLink">A Wall Street chief strategist details 4 reasons why big-company profits have been remarkably resilient during the pandemic — and explains how that’s helped the red-hot stock rally</a>

Top stocks to watch in trade— RIL, Future Enterprises, HCL Technologies, Future Retail, ITC, Indiabulls Ventures, RBL Bank, Inox Wind and more

<ul><li>At 7:40 am, the SGX Nifty was down 0.12% at 8.63 points pointing towards a lower start for Nifty50.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid mixed cues from the global peers, Indian stock-market indices are likely to open on a muted note on Thursday. At 7:40 am, the SGX Nifty was down 0.12% at 8.63 points pointing towards a lower start for Nifty50. However, the Dow Jones Industrial Average rose 0.3%, to 28,331.92 on Wednesday, on the back of a strong rally in tech-related shares. These are the stocks to watch out for during the trading session on Thursday: ICICI Bank ICICI Bank on Wednesday said it would sell up to 2% of its holding in ICICI Securities through an open market transaction. “The Board of Directors of the bank, at its meeting held today, approved the sale of up to 6,442,000 equity shares of face value ₹5 each of ICICI Securities Limited (company), representing up to 2% of its issued and paid-up equity share capital, through an open market sale,” the bank said in a regulatory filing. The shares of ICICI Bank ended nearly a percent higher on Wednesday. Oberoi Realty, Godrej Properties and other real estate stocks The Maharashtra government has decided to slash stamp duty on sale deed documents by 3% from September 1 to December 31, 2020, and by 2% from January 1, 2021 to March 31 2021. The shares of Oberoi Realty ended nearly 2% lower on Wednesday, whereas Godrej Properties was down nearly a percent. Hindustan Aeronautics Limited The Union Government is selling 15% of its equity stake in the state-owned Hindustan Aeronautics Ltd (HAL) at ₹1,001 per share to raise about ₹5,000 crore through an offer for sale (OFS). “The Defence Ministry has notified the stock exchanges in the evening on selling 15% of its equity stake (5.01-crore shares) in the company at ₹1,001 per share of ₹10 face value through OFS,” a company official <a href="https://www.sify.com/finance/govt-to-sell-15-stake-in-hal-through-sale-offer-news-news-ui0skQhedbahj.html">told IANS</a>. The shares of HAL ended nearly a percent higher on Wednesday. Mahindra and Mahindra Limited Automobile major Mahindra &amp; Mahindra and e-mobility technology company REE Automotive has entered into a memorandum of understanding (MoU) to explore development and manufacturing of commercial electric vehicles for global markets. “The partnership will support REE’s global customer need for 200,000-250,000 electric commercial vehicle units over a few years, including potential Mahindra’s domestic and international volumes. Production would be scaled further to support additional volume in the global as well as Indian market,” the company said. The shares of M&amp;M ended over 1% higher on Wednesday. Infosys Infosys has launched an AI-driven solution that will automate help desk operations, allow customers to eliminate manual resolution and build near-touchless contact centres in the Covid-19 times. Infosys partnered Blue Prism, a leading Robotic Process Automation (RPA) provider and a strategic partner, to build the ‘Cognitive Email Workbench’ solution. The shares of Infosys ended nearly 2% higher on Wednesday. Rossari Biotech SBI Mutual fund increased its stake in Rossari Biotech from 4.80% to 5.25%. The shares of Rossari Biotech ended nearly 2% lower on Wednesday. Allcargo Logistics The board of directors of Allcargo Logistics will meet today to consider and approve the voluntary delisting of shares The shares of Allcargo Logistics ended nearly 2% lower on Wednesday. Jindal Stainless Jindal Stainless’ board approved raising up to ₹162.8 crore through issue of convertible equity warrants. “The board of directors of Jindal Stainless Ltd at its meeting held today...considered and approved raising funds through issue of convertible equity warrants for an amount up to ₹162.8 crore on preferential basis,” the company said in a filing to the stock exchanges. The shares of Jindal Stainless ended nearly 3% higher on Wednesday. ITC, VST Industries and Godfrey Phillips For providing benefits to farmers, a parliamentary panel has recommended permitting regulated foreign direct investment (FDI) in the tobacco sector and establishing export-only tobacco farms to boost outward shipments. The shares of ITC ended nearly a percent lower on Wednesday. Indraprastha Gas The company reported 88% fall in its net profit to Rs 35.2 crore for the first quarter ended June 30. The company's total revenue declined 58.9% to Rs 638 crore. The shares of Indraprastha Gas ended flat on Wednesday. SEE ALSO:<a href="https://www.businessinsider.in/science/space/news/mars-spotted-first-time-by-uae-hope-probe-on-its-maiden-voyage-in-space/articleshow/77775267.cms" data-type="tilCustomLink"> UAE’s Hope probe spots Mars for the very first time on its maiden voyage through space</a> <a href="https://www.businessinsider.in/tech/news/apples-new-iphone-operating-system-is-making-it-harder-for-facebook-to-track-people-and-facebook-warns-it-will-decimate-part-of-its-business/articleshow/77769482.cms" data-type="tilCustomLink">Apple's new iPhone operating system is making it harder for Facebook to track people, and Facebook says it will decimate part of its business</a>

​Top stocks to watch in trade— ICICI Bank, Oberoi Realty, Godrej Properties, HAL, Infosys, M&M, ITC, Rossari Biotech, Allcargo and more

<keyword id="6357073" type="ORGANIZATION" weightage="100" keywordseo="ITC">ITC</keyword>, the <a href="http://www.businessinsider.in/Neither-Infosys-nor-HDFC-this-FMCG-company-is-now-Indias-3rd-most-valued-firm/articleshow/51210406.cms">FMCG </a>major from India, has announced the appointment of <keyword id="1968926" type="PERSON" weightage="100" keywordseo="Sanjiv-Puri">Sanjiv Puri</keyword> as its chief operating officer. Puri, who serves as ITC’s director, would be taking up the role with immediate effect. 
 
It was in December last year that Puri, who joined <a href="http://www.businessinsider.in/ITC-is-entrusting-younger-executives-with-great-responsibilities-handling-them-critical-roles/articleshow/51823455.cms">ITC </a>in 1986, was made the director of <a href="http://www.businessinsider.in/ITC-has-tasted-blood-wants-to-enhance-online-lifestyle-business/articleshow/51806905.cms">ITC</a>, replacing P Dhobale, before which he was the president of FMCG Businesses for two years, taking care of segments as <a href="http://www.businessinsider.in/ITC-bows-down-to-SC-ruling-shuts-cigarette-plants/articleshow/52141399.cms">cigarettes</a>, foods, personal care, education &amp; stationery products, matches and agarbattis. 
 
He also holds the responsibility for ITC's Packaging &amp; Printing Business (PPB) and Paperboards and Specialty Papers Division (PSPD) business, since January this year. 
 
<a href="http://i1.trekearth.com/photos/144338/img_0672_rt3.jpg">Image source</a>

Sanjiv Puri is the new COO of ITC

New Delhi, Jan 31 () FMCG major ITC on Friday reported a 29.03 per cent increase in consolidated net profit at Rs 4,047.87 crore for the third quarter ended December 2019.
 The company had posted a net profit of Rs 3,136.95 crore in October-December quarter of the previous fiscal.
 Net sales during the quarter under review rose 5.71 per cent to Rs 13,220.30 crore as against Rs 12,506.05 crore in the corresponding period in previous fiscal, ITC said in a regulatory filing.
 "The company posted a steady performance during the quarter amidst a particularly challenging operating environment," ITC said in a post earning statement.
 According to the company, the macro-economic environment continues to be adversely impacted as reflected in deceleration in GDP growth and persistent weakness in consumption demand and investments.
 "Delayed arrival of the Kharif crop due to spatial variations in rainfall, especially close to the harvest season, commodity price inflation together with disruptions in certain parts of the country exacerbated the already challenging operating environment during the quarter," ITC said.
 "Expectations of a good Rabi crop and a slew of measures announced by the government in recent months including reduction in corporate tax rates, initiatives to boost infrastructure and promote exports, augur well for the revival of the economy," it added.
 ITC's total expenses during the third quarter rose 5.25 per cent to Rs 8,779.14 crore as compared with Rs 8,340.61 crore in the year-ago quarter.
 During the quarter, revenue from total FMCG business was up 4.66 per cent to Rs 9,265.31 crore as against Rs 8,852.05 crore in the year-ago period. 
 Total FMCG business comprises segments like cigarettes and FMCG-others.
 Revenue from cigarettes stood at Rs 5,944.86 crore in the October-December quarter, up 5.31 per cent from Rs 5,645.05 crore in the corresponding period last fiscal.
 "Performance during the quarter reflects the persistent weakness in the overall demand environment, especially in rural markets and wholesale channel, tight market liquidity conditions and the increasing salience of illicit trade especially at the premium end," ITC said.
 Revenue from FMCG-others segment was up 3.53 per cent to Rs 3,320.45 crore as against Rs 3,207 crore a year ago.
 "The FMCG-Others Segment delivered a resilient performance during the quarter which witnessed a slowdown in overall growth rates both in urban and rural markets. Categories with relatively higher rural salience remain the most impacted," it said.
 FMCG-others segment of ITC 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.
 ITC's hotel business revenue rose 21.13 per cent to Rs 574.26 crore during the quarter as compared with Rs 474.06 crore in the corresponding period last fiscal.
 "The business posted a strong performance during the quarter with segment revenue and segment EBITDA growing by 22.2 per cent and 40.1 per cent respectively. There was all-round improvement, with both existing and new properties recording robust increase in RevPAR (revenue per available room) and F&amp;B sales. Higher room rates and operating leverage aided margin expansion," ITC said.
 Revenue from agri-business segment rose 10.43 per cent to Rs 2,258.87 crore as against Rs 2,045.38 crore in the December quarter of the previous fiscal.
 "In the agri business segment, growth in segment revenue was driven by trading opportunities in oilseeds, pulses &amp; coffee and scaling up of value added segments (spices and frozen snacks)," ITC said.
 Subdued demand for leaf tobacco in international markets accentuated by relatively steeper depreciation in currencies of competing origins and adverse business mix weighed on segment results, it added.
 Paperboards, paper and packaging segment revenue rose marginally by 0.83 per cent to Rs 1,555.36 crore as against Rs 1,542.51 crore of Q3/FY2018-19
 "Paperboards, paper &amp; packaging segment revenue witnessed muted growth on a relatively firm base due to slowdown in the FMCG and liquor industry and depressed realisations on softening of global pulp prices," the company said.
 Revenue from others segment, which includes information technology services, branded residences, among others, reported a 9.99 per cent growth at Rs 563.69 crore as against Rs 512.48 crore.
 In a separate filing, ITC said its board has appointed Atul Jerath as Additional Non-Executive Director of the company.
 Jerath is the Chief Underwriting Officer of The Oriental Insurance Company Ltd, overseeing a wide portfolio including property, health and aviation insurance, it added.
 Shares of ITC on Friday closed 0.60 per cent higher at Rs 235.25 apiece on the BSE. KRH RVK

ITC Q3 net profit up 29 pc at Rs 4,047.87 crore

New Delhi, Come January 1, and <keyword id="6354679" type="COMPANY" weightage="20" keywordseo="gst">GST</keyword> taxpayers would be able to pay their <keyword id="535383" type="PERSON" weightage="20" keywordseo="tax-dues">tax dues</keyword> on a self-assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis. <keyword id="9257566" type="COMPANY" weightage="20" keywordseo="the-central-board-of-indirect-taxes">The Central Board of Indirect Taxes</keyword> and Customs (CBIC) will introduce the <keyword id="10425522" type="UNKNOWN" weightage="20" keywordseo="new-quarterly-return">new Quarterly Return</keyword> and Monthly Payment Scheme (QRMP) for GST taxpayers from next year that will allow taxpayers to file only 4 GSTR-3B returns in a year instead of 12 returns at present. As per the scheme, while returns through form GSTR-3B will be filed only quarterly and not monthly as at present, taxpayers would be lower to pay taxes dues on a monthly basis based on a self-assessment method. The self assessment would allow taxpayers to pay their monthly dues based on 100% of net cash liability paid in the previous month or 35% of cash liability paid on the previous quarter or actual self-assessment of tax dues after deducting the input tax credit (ITC). Under the new scheme, GSTR-3B will be filed only at the end of three-month period. Under QRMP scheme, the taxpayer would have the preference to pay their due monthly taxes as per his own choice either by cash ledger or through pre-filled challan which would be 35% of the previous quarter's cash paid or may pay as per actual. Thereby, a small taxpayer would require professional help, as and when required, particularly in the last month of the quarter and can be free from tax-related stress by simply making payment through a system-generated, pre-filled challan. The scheme would impact almost 94 lakh taxpayers, about 92% of the total tax base of the GST, who have an annual aggregate turnover (AATO) up to ₹5 crore, said the Sources in the Department of Revenue (DoR). Sources in the know of the matter said that the QRMP scheme has optional feature of Invoice Filing Facility (IFF) to mitigate business related hardships for the small and medium taxpayers. Under the facility of IFF, the small taxpayers who opt to be quarterly return filers under QRMP scheme would be able to upload and file such invoices even in the first and second month of the quarter for which there is a demand from the recipients. Further, this would engage buyers who earlier used to avoid purchase from the small taxpayers in the want of uploading of invoices in the system on monthly basis. According to Sources, that the taxpayer would need not upload and file all the invoices for the month and could upload and file only those invoices which are required to be filed in IFF as per demand of the recipients. The remaining invoices of the first and second months can be uploaded in the quarterly GSTR-1 return. The IFF would be available up to a cut-off date and credit would flow to the recipient after the cut-off date on filing of the IFF. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-irctc-hdfc-bank-tcs-tvs-motor-dalmia-bharat-ultratech-acc-ambuja-and-others/articleshow/79672813.cms">Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-of-2020-in-india/slidelist/79675101.cms">Best smartphones of 2020 in India</a> <a href="https://www.businessinsider.in/india/news/reports-suggest-that-tata-adani-and-hinduja-group-are-interested-in-air-india-divestment-plan/articleshow/79675955.cms">Last date for Air India divestment plan nears — reports suggest that Tata, Adani and Hinduja Group are interested</a>

GST taxpayers to get flexibility to decide on monthly tax payment

<keyword id="121459" type="CITY" weightage="100" keywordseo="ITC-Ltd">ITC Ltd</keyword> has informed the stock exchanges that two of its three executive directors — PV Dhobale and Kurush Grant — are retiring as the first had attained the age of superannuation while the second had taken premature retirement for health reasons. It's preferring President of Cigarettes and <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> business at ITC, <keyword id="1968926" type="PERSON" weightage="100" keywordseo="Sanjiv-Puri">Sanjiv Puri</keyword>, as the front runner to succeed long serving chairman <keyword id="131201" type="ORGANIZATION" weightage="100" keywordseo="YC-Deveshwar">YC Deveshwar</keyword> who is scheduled to hang up his boots in 2017. "Puri is the favourite (to be the next chairman) as of now unless there are sweeping promotions in the next few months," according to a source. The company has also appointed Puri and <keyword id="1601956" type="PERSON" weightage="100" keywordseo="Rajiv-Tandon">Rajiv Tandon</keyword> who is the chief financial officer, as additional whole time directors on the board while Nakul Anand remains executive director for hotel and lifestyle business. Puri will be the youngest of all the executive directors at ITC when he joins the board in December. This even as Anand is senior to Puri both in hierarchy and age. Still the latter is being considered the favorite to succeed Deveshwar as he spearheads the business that accounts for more than 60% of ITC's revenues and 80% of its profits. 

	An engineering graduate from IIT Kanpur who joined the company in 1986, Puri was promoted last December as the president of both the cigarettes and FMCG businesses of ITC, after handling FMCG distribution and cigarette business as divisional chief executive. 
 

	The company missed street estimates for its second quarter financial results and its share fell by 4.3% to Rs 334.70. The company attributed its weak performance to "unprecedented pressure" on legal cigarette industry sales volume, poor demand prevailing in the FMCG industry with instant noodle sales badly hit, and lack of trading opportunities in agri-commodities.

	 
	(Image credit: BCCL)

ITC announces retirement of two top executives; Sanjiv Puri may replace YC Deveshwar

This budget, the excise duty has been hiked by up to 6 % for cigarettes of all sizes. This wasn't expected at all. Still the shares of ITC Limited are going good because it's still below 10%. 
 
 
<a href="http://www.businessinsider.in/budget/common-man-budget">Cigarette </a>smoking is injurious to health. This statutory warning has taken a toll on the tobacco farmers in India. And this budget the tobacco farmers of the country wants the government not to impose any more taxes on legal cigarettes. 
 
<a href="http://www.businessinsider.in/budget/common-man-budget">ALSO READ: WHAT CAN A COMMON MAN EXPECT THIS BUDGET</a> 
 
While the market is decreasing every other day as far as consumption is concerned, the Indian tobacco exports are also sluggish and this has resulted in 22 % decline in returns to farmers. 
 There are 96,865 registered tobacco farmers and many more that are not registered in India. Around 0.25% of India's cultivated land is used for tobacco production. Since the independence, the Indian government has supported growth in the tobacco industry. India has seven tobacco research centres that are located in Jeelugumilli, Andhra Pradesh, Kandukuru, Andhra Pradesh, <keyword id="52887" type="CITY" weightage="20" keywordseo="Guntur">Guntur</keyword>, Andhra Pradesh, Kalavacherla, Andhra Pradesh, Hunsur, Karnataka., Vedasandur, <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>, Dinhata, <a href="http://www.businessinsider.in/budget/common-man-budget">West Bengal</a> and <a href="http://www.businessinsider.in/budget/common-man-budget">Rajamundry </a>houses the core research institute. The government has set up <keyword id="162734" type="ORGANIZATION" weightage="20" keywordseo="Tobacco-Board">Tobacco Board</keyword>, Guntur. <a href="http://www.businessinsider.in/budget/common-man-budget">ALSO READ: YOU CAN OWN A CAR LIKE THIS</a> 
 Guntur is also well known place for tobacco plantation. The <keyword id="672789" type="ORGANIZATION" weightage="20" keywordseo="Central-Tobacco-Research-Institute">Central Tobacco Research Institute</keyword> works under the aegis of Indian Council of Agricultural Research. Tobacco crop is cultivated in an area of 0.45 M ha (0.27% of the net cultivated area) producing ~ 750 M kg of tobacco leaf. India is the 2nd largest producer and exporter (in quantity terms) after China and <keyword id="6355226" type="COUNTRY" weightage="20" keywordseo="Brazil">Brazil</keyword>, respectively. 
 Ahead of the Budget 2017, the <keyword id="3404445" type="UNKNOWN" weightage="20" keywordseo="federation-of-all-india-farmer-associations">Federation of All India Farmer Associations</keyword> (<keyword id="3164346" type="UNKNOWN" weightage="20" keywordseo="FAIFA">FAIFA</keyword>) wants to bring stability in farm prices of the crop. 
 The non-profit organisation representing farmers across the states, including Andhra Pradesh, Telangana, Karnataka and <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, appealed to <a href="http://www.businessinsider.in/budget/common-man-budget">Finance Minister </a><keyword id="143010" type="PERSON" weightage="20" keywordseo="Arun-Jaitely">Arun Jaitely</keyword>, to avoid “the <a href="http://www.businessinsider.in/budget/common-man-budget">onslaught</a> of heavy taxation on legal cigarette industry” and help bring stability in farm prices of tobacco. 
 “We are very disturbed because of the declining off-take from domestic manufacturers … Regulatory overreach has created panic and strain on the FCV tobacco farmers in the country,” FAIFA General Secretary <keyword id="1407736" type="PERSON" weightage="20" keywordseo="Murali-Babu">Murali Babu</keyword> said in a statement. 
 
“Excessive increase in the excise duties on<a href="http://www.businessinsider.in/budget/common-man-budget"> tobacco products</a>, cumulative increase of 118 per cent since 2012/13, leading to 22 per cent” has led to shrinkage in the legal cigarette volumes, FAIFA said. 
 (Image: <keyword id="76338" type="CITY" weightage="20" keywordseo="Reuters">Reuters</keyword>))

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You Searched For "ITC board" and got 11 results

Team India stars cut special trophy cake to celebrate T20 World Cup triumph

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ITC inform stock exchanges that reports of demerger are 'speculative'

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