Sensex Today | Share Market Live Updates: Sensex, Nifty expect sluggish start; Gift Nifty trading lower
ITC Ltd exceeded market expectations on Monday by reporting a robust 17.5% surge in its standalone net profit for the June quarter, benefiting from reduced expenses. Nonetheless, the company faced challenges as an ongoing prohibition on wheat exports and a more recent ban on rice exports led to a 7.2% decline in standalone revenue for the quarter, which amounted to ₹16,995.49 crore as compared to ₹18,320.16 crore in the corresponding period last year.Renowned for its Gold Flake cigarettes and Bingo chips, ITC Ltd achieved a net profit of ₹4,902.74 crore for the quarter ending on June 30, surpassing the ₹4,169.38 crore recorded a year prior.
These figures outperformed the estimates from a Bloomberg survey of 14 analysts, which had projected earnings of ₹4,817 crore. (Read More)Rakesh Gangwal, one of the co-founders of IndiGo, along with his family, is poised to divest approximately 4% of their ownership in InterGlobe Aviation Ltd.
This transaction, valued at up to $450 million (equivalent to ₹3,370 crore), is outlined in the terms of the deal as revealed by Mint.This move is in line with Gangwal's strategy to reduce his stake in InterGlobe Aviation, the parent company of IndiGo, which stands as India's largest airline. Notably, this forthcoming block sale will mark Gangwal's most substantial such deal to date, reflecting his ongoing series of share divestments that have unfolded over the past year.In September 2022, the Gangwal family previously sold off 2.8% of their shares in the airline, generating ₹2,000 crore.
Subsequently, in February of the current year, they further sold a 4% stake, yielding ₹2,900 crore. (Read More)SBFC Finance Limited's initial public offering (IPO) is set to mark its debut on the stock market
. Read more on livemint.com
