ITC gains on buzz to enter full-fledged in dairy market in 14 months
Date: 07-03-2013ITC is currently trading at Rs. 287.80, up by 0.25 points or 0.09% from its previous closing of Rs. 287.55 on the BSE.
The scrip opened at Rs. 286.00 and has touched a high and low of Rs. 290.00 and Rs. 286.00 respectively. So far 66971 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 310.75 on 04-Feb-2013 and a 52 week low of Rs. 206.05 on 12-Mar-2012.
Last one week high and low of the scrip stood at Rs. 304.00 and Rs. 285.20 respectively. The current market cap of the company is Rs. 227495.97 crore.
The Institutions holding in the company stood at 52.48% while Non-Institutions held 47.22% respectively.
Diversified conglomerate ITC is reportedly gearing to enter into dairy market over the next 14 months. The company’s first set of dairy products will be shelf-stable. Its product portfolio includes milk powder, long-life packaged milk, fortified milk, etc.
The company initiated the dairy business, as part of its integrated animal husbandry programme, the firm's corporate social responsibility (CSR) initiative. Further towards this development, the company already has Rs 150-crore processing plant under construction at Munger in Bihar. With big plans amongst consideration, the company is exploring options to scale up the size in a short span of time.
ITC’s current portfolio includes biscuits, staples, snacks, noodles and confectionery. Out of which, biscuits contribute for 40 per cent of the food business's topline, staples are at 30 per cent and snack at 15 per cent.