ITC spikes on plans to expand dairy segment
ITC is eyeing at portfolio expansion in its food division to achieve the stated vision of achieving Rs. 1 lakh crore turnover from FMCG by 2030. The food category, which drives the fast-moving consumer durable industry, is expected to contribute around 60-65 per cent of its turnover by 2030.
The company will expand its dairy portfolio by entering the paneer and milkshakes segments and is planning to launch paneer in the Kolkata market and milkshakes pan India within two months.
Last one week high and low of the scrip stood at Rs. 279.20 and Rs. 273.25 per share, respectively. The current market cap of the company is Rs. 3,36,028.69 crore. The institutions and non-institutions held 55.06 and 44.94 per cent stake in the company, respectively.
ITC is a diversified conglomerate with business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
During Friday’s trade, the stock opened at Rs. 277 per share and touched a high/low of Rs. 277.30/275.05 per share and at 10:51 hour, the stock was quoting at Rs. 276.50 per share, up by 0.75 per cent.