Itc Stock Update News Today : Breaking News, Live Updates & Top Stories | Vimarsana

On Thursday, BAT said it has been "actively working for some time" to sell a part of its stake in ITC. BAT holds a slightly over 29% stake in the Indian conglomerate spanning tobacco-to-hotels. Earlier indications from BAT suggest its intention to maintain up to a 25% shareholding in ITC to retain strategic influence, including veto rights. A 4% stake sale would be valued around ₹21,000 crore at the current market price.

ITC Ltd on Monday reported 10.8% year-on-year growth in net profit at Rs 5,572 crore for the third quarter ending December 23, while gross revenue went up by 2.1% to Rs 17,483 crore. Both revenue and profit exceeded street estimates.

Last week, ITC became the world's third-largest tobacco company in market capitalisation terms following a sell-off in BAT shares, which are down 31% so far in 2023.

After the demerger is completed following approval from shareholders, creditors, stock exchanges, Sebi, NCLT and other regulatory authorities, ITC is likely to get the new stock listed on stock exchanges in another 15 months.

The shares, which have been among the top performers in the Sensex pack, jumped nearly 2% in intraday trade to hit a fresh 52-week high. The stock was last trading at Rs 488.25, up 1.96% on BSE.Despite a solid run this year, analysts are still gung-ho on the stock on firm structural prospects.