ITC_Limited

ITC Limited

ITC Limited

Indian conglomerate

ITC Limited is an Indian company headquartered in Kolkata.[8] ITC has a diversified presence across industries such as FMCG, hotels, software, packaging, paperboards, specialty papers and agribusiness.[9] The company has 13 businesses in 5 segments. It exports its products in 90 countries. Its products are available in 6 million retail outlets.[10][4]

Quick Facts Formerly, Company type ...

On 17 April 2023, its market cap crossed the milestone of ₹500,000 crore (US$63 billion) for the first time in company's history, followed by crossing the ₹600,000 crore (US$75 billion) mark on 20 July 2023 and becoming the biggest FMCG Company in India passing the Hindustan Unilever's market cap the very next day.[11][12] It employs 36,500 people at more than 60 locations across India.[13]

History

Tobacco business and early years

"ITC Limited" was originally named "Imperial Tobacco Company of India Limited", succeeding Imperial Brands and W.D. & H.O. Wills on 24 August 1910 as a British-owned company registered in Kolkata.[14][15] Since the company was primarily based on agricultural resources, it ventured into partnerships in 1911 with farmers from the southern part of India to source leaf tobacco.[citation needed][16] Under the company's umbrella, the "Indian Leaf Tobacco Development Company Limited" was formed in Guntur district of Andhra Pradesh in 1912.[17] The first cigarette factory of the company was set up in 1913 in Bangalore.[citation needed]

In 1928, construction began for the company's headquarters, the 'Virginia House' at Calcutta.[18] ITC acquired Carreras Tobacco Company's factory at Kidderpore in 1935 to further strengthen its presence.[citation needed] ITC helped set up an indigenous cigarette tissue-paper-making plant in 1946 to reduce import costs significantly. Then, a factory for printing and packaging was set up in Madras in 1949.[citation needed] The company acquired the manufacturing business of Tobacco Manufacturers (India) Limited and the complementary lithographic printing business of Printers (India) Limited in 1953.[19]

Name

Established in 1910 as the Imperial Tobacco Company of India Limited, the company was renamed as the India Tobacco Company Limited in 1970 and later to I.T.C. Limited in 1974. In 2001 the company was renamed ITC Limited, where "ITC" is no longer an acronym.[20][21]

Shareholding and listings

ITC's equity shares are listed on Bombay Stock Exchange (BSE), National Stock Exchange of India (NSE) and Calcutta Stock Exchange (CSE).[22] The company's Global Depository Receipts (GDRs) are listed on the Luxembourg Stock Exchange. ITC is a constituent of two major stock market indices of India: BSE SENSEX and NIFTY 50 of NSE.[23]

In July 2023, ITC Ltd.'s board of directors approved in principle the demerger of its hotel business and the formation of a wholly owned subsidiary called ITC Hotels.[24][25]

In February 2024, British American Tobacco announced its plans to sell part of its stake in ITC Limited. This decision was aimed at reducing BAT's debt and accelerating its share buyback program. Despite BAT's desire to retain significant influence within ITC, requiring at least a 25% stake for veto rights, the move was well-received by investors, leading to a near 8% increase in BAT's share value. [26] [27] [28]

Employees

As per the Annual report of the company, it had 28000+ employees as on 31 March 2020.[29] It spent ₹2,145 crores on Employee benefits during the FY 2012–13. During the same year, its attrition rate was 12%.[29]

ITC's Chairman Yogesh Chandra Deveshwar (d. 2019) won renowned awards and recognition including Padma Bhushan from Govt. of India 2005–09, by Boston Consulting Group and seventh-best-performing CEO in the world by Harvard Business Review.[29][30]

Meera Shankar, Indian ambassador to the USA between 2009 and 2011, joined the board of ITC Limited in 2012 as the first woman director in its history.[31] She is an additional non-executive director of the company.[32]

See also

References

  1. [1]
    "ITC – History and Evolution". www.itcportal.com. Archived from the original on 18 May 2023. Retrieved 25 September 2022.
  2. [2]
    "ITC - History and Evolution". www.itcportal.com. Retrieved 25 September 2022.
  3. [3]
    "ITC Leadership – Rishita Das, Chairman & Managing Director". www.itcportal.com. Retrieved 25 September 2022.
  4. [4]
    "Company Profile". Reuters. Retrieved 16 November 2021. ITC Limited is a holding company, which is engaged in the marketing of fast moving consumer goods (FMGC).
  5. [5]
    "Company History – ITC Ltd". Economic Times. Retrieved 15 September 2013.
  6. [6]
    "History and Evolution". ITC Limited. Retrieved 14 September 2013.
  7. [7]
    "The ITC Network: Registered Office". ITC Ltd. Retrieved 14 June 2014.
  8. [8]
    "ITC – History and Evolution". www.itcportal.com. Retrieved 25 September 2018.
  9. [9]
    "About ITC Limited - one of India's foremost private sector companies". www.itcportal.com. Retrieved 25 September 2022.
  10. [10]
    "Company's Annual Report 2019–20" (PDF).
  11. [11]
    "Top 100 stocks by Market Capitalization | BSE Listed stocks Market Capitalization". www.bseindia.com. Retrieved 19 December 2022.
  12. [12]
    "ITC surpasses 6 lalh crore mcap mark". 20 July 2023.
  13. [13]
    "ITC Stocks Accomplished Strong Record, 11th Indian Firm with Over 5 Trillion Market Capitalisation". Jagranjosh.com. 21 April 2023. Retrieved 28 December 2023.
  14. [14]
    "ITC Ltd". Business Standard India.
  15. [15]
    "ITC History | ITC Information – The Economic Times". economictimes.indiatimes.com. Retrieved 26 September 2018.
  16. [16]
    Suman, Subhash Kumar (27 June 2022). "ITC History: कहानी कंपनी की: 110 साल पुराना ITC का इतिहास, बनाती हैं आपके लिए ये चीजें". Aaj Tak News (in Hindi).
  17. [17]
    Maat, Harro; Hazareesingh, Sandip (26 January 2016). Local Subversions of Colonial Cultures: Commodities and Anti-Commodities in Global History. Springer. ISBN 978-1-137-38110-1.
  18. [18]
    "Business Studies Project 10 | Companies | Business". Scribd. Retrieved 27 March 2020.
  19. [19]
    Cases in Financial Management. Tata McGraw-Hill Education. 1 August 2000. ISBN 978-0-07-463805-7.
  20. [20]
    Citations:
  21. [21]
    Himatsingka, Rakhi Mazumdar & Anuradha. "ITC: Leading Multi-business conglomerate turns 100". The Economic Times. Retrieved 27 December 2021.
  22. [22]
    "ITC share price jumps 4% despite missing Q4 profit estimate; here's why investors are buying stock". The Financial Express. 29 June 2020.
    "Listing Information – ITC". Economic Times. Retrieved 15 September 2013.
    "ITC Institutional Ownership – ITC LTD. Stock". fintel.io.
  23. [23]
    Aparna Deb (20 May 2020). "Sensex rises 114 points; Nifty settles above 9,100 mark; ITC rallies 7%". www.timesnownews.com. Retrieved 25 May 2020.
  24. [24]
    "The ITC board of directors approves the demerger of the hotel company in principle; the stock drops more than 4%". Bru Times News.
  25. [25]
    Agarwal, Nikhil (24 July 2023). "ITC board approves demerger of hotels business, share price drops 4%". The Economic Times.
  26. [26]
    Agarwal, Nikhil (13 March 2024). "BAT sells 3.5% stake in ITC via Rs 17,500-crore block deal; stock surges over 8%". The Economic Times. ISSN 0013-0389. Retrieved 13 March 2024.
  27. [27]
    Rai, Anjali (13 March 2024). "Explained: Why Is ITC Stake Sale By BAT A Buying Opportunity?". NDTV Profit. Retrieved 13 March 2024.
  28. [28]
    Gohel, Ankit (13 March 2024). "ITC shares jump over 8%, post biggest single-day gain since Sept 2021". mint. Retrieved 13 March 2024.
  29. [29]
    "Company Annual report 2019–20" (PDF). itcportal.com. Retrieved 27 March 2020.
  30. [30]
    Hansen, Morten T.; Ibarra, Herminia; Peyer, Urs (1 January 2013). "The Best-Performing CEOs in the World". Harvard Business Review. No. January–February 2013. ISSN 0017-8012. Retrieved 27 March 2020.
  31. [31]
    Mukherjee, Writankar (4 August 2012). "ITC inducts Meera Shankar in its board as the first women ever". The Times Of India. Retrieved 15 September 2013.
  32. [32]
    Mukherjee, Writankar (4 August 2012). "ITC inducts Meera Shankar in its board as the first women ever". The Economic Times. Retrieved 25 May 2020.

Further reading

  • Cox, Howard. "International business, the state and industrialisation in India: Early growth in the Indian cigarette industry, 1900-19." Indian Economic & Social History Review 27.3 (1990): 289-312.
  • Roy, Anoushka. "ITC Vs Godfrey Phillips India – A Comparison of the Two Tobacco Giants" Trade Brains (March 9, 2022) online
Share this article:

This article uses material from the Wikipedia article ITC_Limited, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.