ITC Ltd increased its stakes in Delectable Technologies to 20.06% as part of the deal:
ITC Ltd: It is a conglomerate company in India located in Kolkata, West Bengal. The company was established in 1910 as an Imperial Tobacco Company in India. Later it renamed India Tobacco Company Limited. After 1974, it renamed as I.T.C Limited. Whereas, the company manufactures Cigarettes, Bidi, and Food with the brand name as ITC. The present chief executive officer (CEO) of the company is Sanjiv Puri.
Meanwhile, on Friday, September 18th, the shares of ITC surged almost 1% in the stock market. The main reason for this is the company acquired stakes in Delectable Technologies Private Limited. The tobacco company acquired almost 20.06% stakes in Delectable Technologies.
As part of the deal, the ITC will acquire almost 33.42% of stakes in Delectable Technologies for Rs. 7.50 crores. However, the ITC company will pay in four transactions over a period of 12 months from the deal.
Besides, the company on September 17th, 2020 acquired 1,964 convertible preference shares of Rs. 10 per each from Delectable Technologies. With this acquisition, the ITC shareholdings in Delectable Technologies reached 20.06% against 33.42% in the deal, said ITC in filling.
On the other side, the Delectable Technologies involved in fabricating vending machines and app-based sales of FMCG products. The companies turnover in the financial year 2018-19 stood at Rs. 69.15 lakhs. While the company’s net worth during the financial year 2018-19 stood at Rs. 1.48 crores.
However, the shares of ITC Limited reported a bullish trend in the stock market on Friday. The company gained 0.90 points with a 0.50% increase and reached 179.50 INR. While in BSE, the company gained 0.65 points with a 0.36% increase and reached 179.20 INR.
Stock Market September 18th:
On Friday, both Sensex and Nifty continues its bearish trend in the stock market from the last session. The Sensex is trading below 38,900 levels and the Nifty is trading below 11,510 levels in the stock market. The Sensex lost 134.03 points with a 0.34% decrease and reached a 38,845.85 level. While Nifty lost 11.15 points with a 0.097% decrease and reached 11,504.95 level.
On the other side, the number of coronavirus cases in India reached 53,08,014 as of Saturday, September 19th, and deaths reached 85,619.
In the border markets, the S&P BSE SmallCap reported a bearish trend in the stock market on Friday. It lost 49.57 points with a 0.32% decrease and reached a 15,299.98 level. The S&P BSE MidCap gained 38.67 points with a 0.26% increase and reached 15,047.80 level. While the Nifty Bank lost 289.30 points with a 1.30% decrease and reached 22,031.05 level.
Top Gainers on September 18th: Dr. Reddy’s Laboratories, Cipla, Adani Ports, Bharti Airtel, and Grasim Industries are the top gainers in today’s stock market.
Top Losers on September 18th: HDFC Bank, Kotak Mahindra Bank, Bajaj Finserv, Shree Cements, and Maruti Suzuki are the top losers in today’s stock market.