On March 4, in New Delhi: A big American bank called Wells Fargo sold 106.62 crore worth of ITC Ltd shares on the open market, according to records from the National Stock Exchange (NSE). It was done through Wells Fargo Emerging Markets Equity CIT, and 26.55 lakh shares of ITC were sold at an average price of ₹401.60 each.
Itc Block Deals Details
- Wells Fargo Emerging Markets Equity CIT is the seller. It is a Wells Fargo partner.
- SEI Trust Company (through one of its arms) bought it.
- 26.55 lakh shares were sold, and each one was sold for an average of ₹401.60.
- The total value of the deal is 106.62 crore.
The price of ITC shares went down a little after this deal. The stock went up 0.51% on Monday and ended the day at ₹397 on the NSE. But on Tuesday, March 4, ITC’s stock fell by 0.52%. At 9:23 AM, it was selling at ₹395.4 per share, and the company was worth 4.94 lakh crore on the stock market.
ITC’s Financial Performance
The financial figures for Q3 FY25 were recently released by ITC Ltd, a conglomerate with businesses in FMCG, cigarettes, agribusiness, and paper products. In the third quarter, October through December, the company’s nett profit dropped from ₹5,406.52 crore to ₹5,013.16 crore, a drop of 7.27%. The drop was blamed on low demand and rising prices of materials and labour.
Even though ITC’s profit went down, its operating income went up by 9.05% to ₹20,349.96 crore in Q3 FY25, from ₹18,660.37 crore in Q3 FY24.
Segment-Wise Performance
- Cigarette Business: Sales increased 7.83% year over year to ₹8,944.83 crore, thanks to planned changes in the market and attempts to stop illegal trade.
- Agribusiness: Sales rose 9.7% year over year, thanks to high demand for leaf tobacco and agricultural goods with added value.
- FMCG (Other Products): Saw a 4% year-over-year rise in sales.
- Paperboards, Paper, and Packaging: Had trouble because sources from China and Indonesia were cheaper, demand at home was low, and wood prices were going up.
Dividend Announcement
ITC has declared a dividend of ₹6.5 per share, with the record date set for February 12. The dividend is scheduled to be paid between March 6 and March 8.
Also Read:
- ITC Dividend 2025: Stock Declines as FMCG Giant Prepares for 650% Interim Dividend Payout
- Tata Capital Plans IPO: What Investors Need to Know Now!
Conclusion
The sale of ITC shares by Wells Fargo comes at a tough time for the company as it deals with tough market conditions. Market watchers will be paying close attention to how ITC’s stock does in the coming months, given the company’s strong revenue growth and strategic plans.
(Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors are advised to consult financial experts before making investment decisions.)
