ITC announced that the Scheme of amalgamation of Sunrise Foods Private Limited (Sunrise) with the Company (the Scheme) has been sanctioned by the Hon'ble National Company Law Tribunal, Kolkata Bench. Certified copies of the said Order have been filed today with the Registrar of Companies, West Bengal, both by the Company and Sunrise.

Consequent to the above, the Scheme has become effective from today, i.e. 01 April, 2021. Further, the two subsidiaries of Sunrise viz., Hobbits International Foods and Sunrise Sheetgrah have become direct wholly owned subsidiaries of the Company with effect from the said date.

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ITC has allotted 9,74,460 Ordinary Shares of Rs 1/- each, upon exercise of 97,446 Options by Optionees under the Company's Employee Stock Option Schemes.

Consequently, with effect from 20 March 2021, the Issued and Subscribed Share Capital of the Company stands increased to Rs 1230,88,44,231 divided into 1230,88,44,231 Ordinary Shares of Rs 1 each.

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ITC Ltd is up for a fifth straight session in a row. The stock is quoting at Rs 223, up 2.46% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is down around 0.1% on the day, quoting at 14542.85. The Sensex is at 49290.92, up 0.15%. ITC Ltd has risen around 7.7% in last one month.

Meanwhile, Nifty FMCG index of which ITC Ltd is a constituent, has risen around 2.85% in last one month and is currently quoting at 33222.6, up 1.83% on the day. The volume in the stock stood at 773.5 lakh shares today, compared to the daily average of 345.6 lakh shares in last one month.

The benchmark March futures contract for the stock is quoting at Rs 223.45, up 2.55% on the day. ITC Ltd is up 27.07% in last one year as compared to a 66.29% spurt in NIFTY and a 30.46% spurt in the Nifty FMCG index.

The PE of the stock is 20.53 based on TTM earnings ending December 20.

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The stock has added 7.58% in five sessions, from its recent closing low of Rs 205.25 recorded on 12 March 2021.

The scrip is currently trading 7.67% below its 52-week high of Rs 239.15 hit on 9 February 2021. The stock has gained 58.85% from its 52-week low of Rs 139 hit on 25 March 2020.

ITC on Wednesday (17 March 2021) informed the stock exchanges that news with regard to a potential demerger of the company is speculative in nature.

If and when there is any material development with respect to the affairs of the company, the stock exchanges are kept advised,” the company said in clarification issued to the bourses.

ITC operates through four segments: FMCG; hotels; paperboards, paper and packaging; and agri business. ITC is the market leader in cigarettes in India.

The company's net profit declined 11.4% to Rs 3587.20 crore on 1.5% increase in net sales to Rs 13,005.88 crore in Q3 FY21 over Q3 FY20.

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