For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

ITC Recovers After Monday's 7% Slump

|

Shares in ITC recovered 1 per cent in a falling market, after a sharp slump of 7 per cent seen on Monday.

The company has announced that Greenacre Holdings Limited (GHL) has acquired 87.06% of the equity share capital of Classic Infrastructure & Development Limited [CIDL an associate of Russell Credit Limited (RCL)], which is an unit of ITC, at an aggregate consideration of Rs.11.38 crores.

ITC Recovers After Monday's 7% Slump
CIDL having become a wholly owned subsidiary of GHL and also of RCL, has also become a wholly owned subsidiary of ITC with effect from December 07, 2015.
 

CIDL is engaged in the business of property maintenance & management and its Networth as on March 31, 2015 and Profit after Tax for the year ended on that date are Rs. 8.44 crores and Rs. 20.16 lakhs, respectively.

Shares in ITC were last trading at Rs 316, on the National Stock Exchange (NSE). ITC had fallen dramatically on Monday, after a panel on GST recommended a Tax of 40 per cent on Sin products in the GST bill.

This saw heavy selling pressure in the ITC stock. The share has come under intense selling pressure this year, as a plethora of taxes, continue to affect performance. This makes it difficult for the company to compete with the unorganised sector, where taxes are low.

Some of the company's divisions also have not been seeing good growth, thus being a drag on the overall performance of the company.

GoodReturns.in

Read more about: itc
Story first published: Tuesday, December 8, 2015, 10:41 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more