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India's ITC misses Q1 profit view; expenses, competition bite Indian tobacco-to-hotels conglomerate ITC missed first-quarter profit estimates on Thursday as higher expenses and competition from more affordable brands hurt. The Sunfeast biscuits maker's profit edged up to 49.17 billion rupees ($587.4 million) for the quarter but missed analysts' estimate of 51.62 billion rupees, per LSEG data. ITC, like peers Dove-soapmaker Hindustan Unilever and Maggi noodles-manufacturer Nestle India, faced stiff competition from local rivals that typical...
India's ITC misses Q1 profit view; expenses, competition bite
India's ITC misses Q1 profit view; expenses, competition bite
Source: Reuters
2024-08-02 09:21:01 am
DPIIT working on proposal to further tighten FDI norms in tobacco sector The Department for Promotion of Industry and Internal Trade (DPIIT) is working on a proposal to further tighten the foreign direct investment (FDI) norms in the tobacco sector to check promotional activities and curb smuggling in the segment as firms are trying to circumvent norms. At present, FDI is prohibited in the manufacturing of cigars, cheroots, cigarillos and cigarettes of tobacco or its substitutes.  However, it is permitted in technology collaboration in any form, including ...
DPIIT working on proposal to further tighten FDI norms in tobacco sector
DPIIT working on proposal to further tighten FDI norms in tobacco sector
Source: Accord Fintech
2024-07-29 12:51:14 pm
Centre allows sale of excess FCV tobacco to help AndhraPradesh farmers Commerce and Industry Minister Piyush Goyal has approved the sale of the excess Flue Cured Virginia tobacco produced by registered growers on the auction platforms in Andhra Pradesh for the 2023-24 crop season with normal applicable service charges at auction platforms of Tobacco Board. The minister has also waived the additional service charges considering the crop damage in an area of 15028.09 hectares across all soil regions in Andhra Pradesh. The decision has been taken due to &ldqu...
Centre allows sale of excess FCV tobacco to help AndhraPradesh farmers
Centre allows sale of excess FCV tobacco to help AndhraPradesh farmers
Source: IANS
2024-07-25 09:32:54 am
India`s ITC misses Q4 profit estimates on tighter competition, weak demand Indian consumer goods maker ITC reported fourth-quarter profit below expectations on Thursday amid increasing competition from smaller rivals for shelf space, which dented demand. Consumer goods makers including Hindustan Unilever and ITC have indicated that easing prices of some ingredients has encouraged regional rivals, which typically offer products at cheaper prices, to return to the fray for market share. The fourth quarter saw "weak demand conditions and significant increase...
India`s ITC misses Q4 profit estimates on tighter competition, weak demand
India`s ITC misses Q4 profit estimates on tighter competition, weak demand
Source: Reuters
2024-05-23 05:21:39 pm
Centre announces relief package for Andhra Pradesh, Karnataka tobacco farmers The Centre has announced a relief package for FCV (Flu Cured Virginia) tobacco farmers in Andhra Pradesh and Karnataka which includes interest free loans and waiving of penalties. The Commerce and Industry Ministry said that the Centre has approved a Rs 10,000 interest-free loan for tobacco farmers in Andhra Pradesh whose crop was damaged by heavy rains in December. “In view of the hardships faced by FCV (Flu Cured Virginia) Tobacco growers in Andhra Pradesh, the Government of Ind...
Centre announces relief package for Andhra Pradesh, Karnataka tobacco farmers
Centre announces relief package for Andhra Pradesh, Karnataka tobacco farmers
Source: IANS
2024-02-26 05:53:09 pm
British American Tobacco signals ITC stake disposal, shares soar British American Tobacco is "actively working" to sell some of its shareholding in India's ITC, it said on Thursday, sending its shares up 7% as investors cheered a move towards resuming share buybacks. The maker of Dunhill and Lucky Strike cigarettes disappointed investors when it opted against a fresh buyback programme last year to focus on reducing debt and investing in new products. As a result, it has come under pressure to reduce its roughly 29% stake in ITC, an Indi...
British American Tobacco signals ITC stake disposal, shares soar
British American Tobacco signals ITC stake disposal, shares soar
Source: Reuters
2024-02-08 04:03:42 pm