ITC Ltd.

ITC, diversified conglomerate is considering demerger of the non-engineering business of subsidiary Wimco to be merged with it. The board of directors of the company will consider a proposal for demerger of the non-engineering business comprising safety matches business and agri (forestry) business of Wimco into the company. The company holds 98.21% of Wimco’s share capital, in association with a wholly owned unit, Russell Credit.

The company has posted a rise of 18.05% in its net profit of Rs  1891.33 crore for the quarter ended June 30, 2013 as compared to Rs 1602.14 crore for the same quarter in the previous year. Total income has increased by 10.72% at Rs 7613.88 crore for quarter under review as compared to Rs 6876.43 crore for the quarter ended June 30, 2012.