ITC Ltd Share Price – NSE  /  BSE

Tobacco Products, Mid Cap

Blazeclan is an AWS Premier Partner, Snowflake Elite Partner and a leader in providing Cloud transformation solutions to customers globally. Blazeclan has strong expertise in Cloud Migration, Digital Services, Digital Cloud Consulting and Data Analytics & Insights. Its turnover was Rs 249.50 crore in FY23.

The purpose of this acquisition is to augment ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment with focus on the Partner eco-system to accelerate future growth.

The focus is to strengthen ITC Infotech’s commitment to helping clients navigate their digital transformation journey and deliver business outcomes built on the foundation of strong Cloud capabilities.

The said acquisition will be completed within 6 to 8 weeks and the total cost of the acquisition is Rs 485 crore.

The scrip rose 0.73% to trade at Rs 422 on the BSE.

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ITC announced that its wholly owned subsidiary - ITC Infotech India has entered into a share purchase agreement for acquisition of 100% of the share capital of Blazeclan Technologies. The total consideration is up to Rs 485 crore including contingent consideration which is subject to achievement of prescribed targets.

Blazeclan is a born-in-the-cloud consulting company providing cloud services on AWS, Azure and GCP, and has been recognized as a Niche Player in the 2023 Gartner® Magic Quadrant for Public Cloud IT Transformation Services.

This acquisition is expected to augment ITC Infotech's capabilities to service its customers in a multi-cloud and hybrid cloud environment with focus on the Partner eco-system to accelerate future growth.

The acquisition is expected to strengthen ITC Infotech's commitment to helping clients navigate their digital transformation journey and deliver business outcomes built on the foundation of strong Cloud capabilities.

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ITC Ltd gained for a third straight session today. The stock is quoting at Rs 427.4, up 1.46% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.36% on the day, quoting at 22091.6. The Sensex is at 72819.71, up 0.25%. ITC Ltd has risen around 3.89% in last one month.

Meanwhile, Nifty FMCG index of which ITC Ltd is a constituent, has risen around 1.19% in last one month and is currently quoting at 53338.35, up 0.67% on the day. The volume in the stock stood at 144.8 lakh shares today, compared to the daily average of 224.2 lakh shares in last one month.

The benchmark March futures contract for the stock is quoting at Rs 427.35, up 1.34% on the day. ITC Ltd is up 12.28% in last one year as compared to a 29.37% spurt in NIFTY and a 18.61% spurt in the Nifty FMCG index.

The PE of the stock is 25.73 based on TTM earnings ending December 23.

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The key equity benchmarks continued to trade with minor gains in afternoon trade. The Nifty hovered above the 22,050 mark after hitting the day’s low of 21,916.55 in mid-morning trade. Metal, media and auto shares advanced while IT, consumer durables and FMCG stocks corrected.

At 13:25 IST, the barometer index, the S&P BSE Sensex was up 168.26 points or 0.23% to 72,811.69. The Nifty 50 index rose 46.10 or 0.21% to 22,069.45.

The broader market underperformed the key indices. The S&P BSE Mid-Cap index declined 0.09% and the S&P BSE Small-Cap index fell 0.13%.

The market breadth was positive. On the BSE, 1,956 shares rose and 1,875 shares fell. A total of 129 shares were unchanged.

Gainers & Losers:

Tata Steel (up 4.98%), JSW Steel (up 3.09%), Mahindra & Mahindra (up 2.76%), Bajaj Auto (up 1.99%) and Coal India (up 1.72%) were major Nifty gainers.

UPL (down 2%), Tata Consumer Products (down 1.95%), Adani Ports and Special Economic Zone (down 1.68%), Titan Company (down 1.64%) and SBI Life Insurance Company (down 1.07%) were major Nifty losers.

Stocks in Spotlight:

ITC fell 0.37% and International Travel House declined 0.91%. ITC has entered into a share purchase agreement with its wholly owned subsidiary, Russell Credit, for acquisition of 36,26,633 equity shares of Rs 10 each of International Travel House (ITHL), a listed associate company, representing 45.36% of ITHL’s share capital, and 90,000 equity shares of Rs 100 each of Maharaja Heritage Resorts (MHRL), an unlisted joint venture company, representing 25% of MHRL’s share capital.

Hindustan Aeronautics (HAL) advanced 0.36% after the Ministry of Defence signed a contract with the company for Mid Life Upgrade (MLU) of 25 Dornier Aircraft along with associated equipment for the Indian Navy at a cost of Rs 2,890 crore.

Torrent Power gained 3.82% after receiving letter of award from the company’s distribution unit for setting up of 300 MW (RE Power) grid-connected wind solar hybrid projects.

KPI Green Energy was locked in upper circuit of 5% after it emerged as the successful bidder in the Maharashtra State Power Generation Co. (MAHAGENCO) tender for development of 100MW solar power project.

The Anup Engineering soared 16.32% after the company announced that its board will consider bonus share issue on Wednesday, 20 March 2024. Meanwhile, the company has entered into a definitive share purchase agreement to acquire 100% equity shares of Mabel Engineering (Mabel), for a cash consideration of Rs 33 crore.

Global Markets:

Most of the European shares declined while Asian stocks advanced on Monday, ahead of key central bank policy decisions due this week for clues into the future global interest rate trajectory.

The Bank of Japan's rate decision is scheduled for Tuesday, while Federal Reserve is due to announce its rate decision on Wednesday.

China reported stronger-than-expected numbers for retail and fixed asset investment for the first two months of 2024. Retail sales rose 5.5% and industrial production was up 7%. The unemployment rate for cities was 5.3% in February.

U.S. stocks closed lower on Friday, led by technology-related megacaps, while investors weighed the interest rate outlook ahead of next week's Federal Reserve meeting.

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