ITC, India’s biggest cigarette maker has reportedly increased its stake in EIH, Oberoi Group Company by 1%. The company has bought 5.73 million shares at Rs 73 a share through its subsidiary, Russel Credit, at a total cost of Rs 41.89 crore.
Following the acquisition, ITC’s stake in EIH has increased to 15.89%. ITC has acquired EIH shares at a price which is a month’s low.
Recently, the company announced that it is aiming to venture into dairy products, drinks and perhaps even healthy breakfast foods to expand its money-losing consumer products business. Normally, it sells 80% of the cigarettes in the world's second most populous country where 275 million people use tobacco products but as India follows the rest of the world in adopting anti-smoking regulations, the company's core tobacco business is getting compressed.
Company Name | CMP |
---|---|
ITC | 424.80 |
Godfrey Phillips | 3056.60 |
VST Industries | 3903.05 |
The Indian Wood Pro. | 30.19 |
Golden Tobacco | 47.73 |
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